Crucial to country: Two- day GST meet begins today

For the seventh time the GST Council will be meeting ever since the council was formed to sort out the contentious issue of dual control and to draft laws for implementation of GST from the next financial year.

Earlier the GST Council met during the recently concluded Winter Session of the Parliament but was unable to reach a consensus on the main points of differences between the centre and the states. The two previous meetings have yielded no result on the two sticking points. 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 have appeared to be apprehensive of giving in to the centre's demand.

With as many as 20 chapters of the model GST law cleared in its last meeting earlier this month, the Council today will discuss the remaining 7 chapters and then on Friday take up the dual control issue.

Markets will keep an eye over the events unfolding over these two days in connection with the GST Council meet, which is an important reform measure by the government.