8th GST Council Meeting held on 3rd & 4th January, 2017 in New Delhi
With the series of GST meetings, the Eighth GST Council meeting was held in New Delhi. The abstract of the conducted meeting is as follow:
1: No consent has been given on "Dual Control".
2: The deadline 1st April 2017 for GST implementation seems quite uncertain said the Finance Minister Arun Jaitley.
3: The State necessitate to have the taxation rights for the sales made in the high seas (Within 12 Nauticals Miles).
4: GST Council has been requested to increase certain number of items on which Cess has to be levied by the States.
5: An assurance has been provided by the GST Council that at the end of the year five, such Cess will be merged with the GST rate or dividend between the Centre and States, as the decision taken by the Council.
6: A presentation has been presented before the GST Council, to sought exemption of IGST on goods transferred from Special Economic Zones (SEZs) across the states as SEZs are considered as economic zones outside the country's territory, IGST should not apply on transactions between them.
7: Certain Sectors including banking, insurance, IT, Telecom and civil aviation were delivered before the Council and wedged for a single registration either with the Centre Or State under the GST Regime.