Two day GST meet likely to start off on a stormy note

The much awaited GST Council meet will be held for two days starting Friday, to build consensus on contentious issues like dual control, and to draft laws for implementation of GST from the next financial year.

Earlier the GST Council was expected to meet on November 25 which was subsequently postponed as an informal meeting between the political parties didn’t yield much results.

The GST Council comprising of the Union Finance Minister, State Finance Ministers along with senior officials from either side will meet to finalise GST law, Integrated GST law and Compensation law in the two day meet. The finalisation of these laws holds great importance in order to implement the GST regime.

Sticking point of the debate has been the issue of right to control all the assesses with up to Rs 1.5 crore annual turnover. States do not seem to be ready to given in to the Centre's demand.

In order to implement the GST from April 1, 2017 all the laws pertaining to the deal should be ratified by the government in the current Winter session, which ends on December 16.

Markets are likely to keep an eye over the weekend on the GST Council meet, which is an important step towards reform by the government.