The Goods and Services Tax (GST) Council will meet here today, where a decision is likely to be taken on the tax rate and to sort out other issues like the compensation formula to be adapted for the rollout of the new indirect tax regime from April 1 next year.
The GST Council is a joint forum of the Centre and states and the meeting will also deliberate on the vexed issue of the Centre retaining power to assess 11 lakh service tax filers under the new dispensation. At its previous meeting last month, the GST Council had approved five sets of draft rules. The draft rules are related to registration, payment, refund, returns and invoices of debit and credit notes.
The GST Council had finalised area-based exemptions and how 11 states, mostly in the North-East and hilly regions, will be treated under the new tax regime. The Finance Ministry will try and reach a consensus on the key issues so that the subsequent central GST (CGST) and integrated GST (IGST) legislations can be introduced during the month-long winter session of Parliament that begins from November 16.