GST rollout likely by July 1, dual control issue resolved: FM

Moneycontrol BureauThe GST Council finally came to a decision on the long running issue of dual control today, said the Finance Minister Arun Jaitley addressing a media gathering. Assessees' revenues of over Rs 1.5 crore will be shared equally or 50:50 between the States and the Centre, said Jaitley at a press conference post the GST meet.He also said that 90 percent of the assessment of individuals with a turnover of less than Rs 1.5 crore will be assessed by the Central government.The broad view of the Council is that implementation of the landmark indirect tax reform looks more realistic on July 1, said Jaitley.The power to levy and collect IGST (intergrated GST) will be with Centre, Jaitley announced. The next meeting is expected to be held at February 18, said Kerala Finance Minister Thomas Isaac.Rollout of GST will likley be on July 1, said the FM.