7th GST Council Meeting held on 22nd & 23rd December, 2016 in New Delhi

With the series of Goods and Services Tax (GST) meetings, the 7th GST Council Meetings highlighted key points are as below:
1: Meeting started with a debate over the provisions of the draft Central/State legislation stating three legislations (Central GST, Integrated GST and the Compensation Law).
2: Finance Minister Arun Jaitley, said, the states will get 100 percent compensation for the revenue losses. Moreover, he added the compensation to the states for the same shall be paid every two months.
3: However, the contentious issue of cross-empowerment still went unsettled by the GST Council as the States proposed to have the GST Levying power for taxing small traders or assesses with an annual turnover of INR 15 million.
4: Moreover, finalization of the proposed GST Rates is expected to be done by the GST Council.