English Vocab from “The Hindu” editorial -16 Jan
Topic- GST Council reaches a consensus on crucial issue of dual control.
Union Finance Minister Arun Jaitley on Monday declared that the rollout date of the Goods and Services Tax (GST) has been deferred to July 1 and that the GST Council had reached a consensus on the crucial issue of dual control.
He said that 90 per cent of the GST taxpayers with up to Rs. 1.5 crore turnover would be assessed by the States and those above Rs. 1.5 crore would be assessed by both the States and the Centre on a 50:50 basis.
The GST will subsume a host of indirect taxes levied by the Centre and the States, including excise duty, VAT, service tax, entry, luxury and entertainment levies.
Parliament passed the landmark constitutional amendment in August last and more than half of State legislatures ratified it by mid-September.