GST – The First Step Today
A journey of a thousand miles begins with a single step - Today India's long and arduous journey into GST is all set to begin Union. Finance Minister Pranab Mukherjee will have discussion/interaction with the Finance Ministers of the States/UTs today and thereafter he will have interaction with media persons. The Chairman, Empowered Committee will release first discussion paper and FAQs on GST at the time of media interaction today at 3.30 pm at Hall No. 4, Vigyan Bhawan, New Delhi. Minister of State, S. Palanimanickam will also be present.
Perhaps today, we will know the proposed threshold limit which is most likely to be Rs. 10 Lakhs. As you know, the present exemption limit for Central Excise Rs. 1.5 Crores. Is CBEC ready to handle the huge number of assessees likely to join the excise net? Or will CBEC leave this job to the State VAT Departments?