1st GST Council Meeting held on 22nd & 23rd September, 2016 in New Delhi

The maiden Meeting of GST Council took place in New Delhi. Hon'ble Union Finance Minister Arun Jaitley and other ministers of respective states have discussed some Economic key points.      
1: Threshold limit for Nothern Eastern States and special category states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh.) will be below Rs. 10 Lakh Annually, while for rest of the India will be 20 Lakhs.
2: Assessees with turnover above 1.5 Crore under GST, there will be a dual control of Center and State and the assessment of the same shall be based on Risk Assessment which is to be decided by Center and State Government.
3: Base year for compensation to states would be 2015-16.
4: The power for assessment of 11 lakh service tax assesses who are currently assessed by Centre, would remain the same.
5: It has been decided that the Centre will be paying Quarterly or Bi-Monthly compensation to States, in case of any Revenue Loss