From the Editors Desk  
Good progress has so far been made Goods and Service Tax (GST) bill Since Parliament passed the Constitution Amendment bill on August 8, 2016. As per provisions, Bill was to be sent for President Assent only after ratification of bill by atleast 50% of the states. This task was to be completed within one month but was completed in 23 days only on the day when Odisha assembly ratified the legislation. This has paved the way for implementation of GST from April 01, 2017.  Accordingly, bill was sent to President for his assent.  The bill was accorded assent by the President on 8th September, 2016, and the same has been notified as the Constitution (One Hundred and First Amendment) Act, 2016.This was the biggest reform in taxation since independence. Now the Government has also constituted GST Council under the Chairmanship of the Union Finance Minister with comprising state finance ministers. In the first meeting, the GST council has decided to exempt businesses from the Goods and Services Tax (GST) if their annual turnover is less than Rs 10 lakh for northeastern hill states, and Rs 20 lakh for rest of India. Businesses with annual turnover less than Rs 1.5 crore would be assessed by states (in case of goods), while others would be assessed under dual control.The Council has also agreed to bring draft on a GST rate, tax slabs and exempted goods and services by November 2016.
The very first decision of GST council regarding exemption limit will go in favour of textile industry as the industry consists largely small scale industries with annual turnover less than 1 crores. A significant numbers such units would also fall under exemption categories. We hope that GST Council will also positively address the disparity in textile duty rates as well as other tax related concerns.  
At last Communion family is wishing to all our esteemed readers a very happy Diwali.

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