December 2016 Current Affairs

November 2016 Current Affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS

October 2016 Current Affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current Affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current Affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS

GST council sets exemption threshold for tax at Rs.20 lakh

GST council sets exemption threshold for tax at Rs.20 lakh
26 September 2016 Current Affairs: The first meeting of Goods & Services Tax (GST) Council has decided to exempt businesses with annual turnover below Rs.20 lakh out of the GST net. 

The meeting was presided by Union Finance Minister Arun Jaitley in New Delhi and was attended by Finance ministers of states.

Exemption Issue : Threshold for exemption for businesses in Northeastern and hill states will be for annual turnover below Rs.10 lakh and rest of India it will below Rs.20 lakh. The Northeastern and hill states have been accorded special status by the Constitutional Amendment paving the way for the GST.

Administrative Control Issue : Consensus was reached on the contentious issue of administrative control over indirect tax assessees. States will have sole jurisdiction over assessees having a turnover of Rs.1.5 crore or less. In case turnover exceeding that limit, the administrative control will be jointly with the central and state governments. The existing 11 lakh service tax assessees will continue to be under the jurisdiction of the Centre. Revenue officials in the States will be trained for assessing assessees in the services sector as GST allows states to also tax services.

Compensation formula : The compensation that Central Government will pay to states for losses of revenue because of the transition to GST regime will be routinely, quarterly or bi-monthly.

Base Year: The GST Council also agreed to settle 2015-16 as the base year for calculating the compensation


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2016 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.