Arun Jaitley addrssesd the media after the two day meeting. (Photo: ANI)
The Goods and Services Tax (GST) Council on Friday fixed turnover-based exemption limit from such taxes at Rs 20 lakh.
However it left the decision on fixing the actual tax rates and the finalisation of draft rules for later.
Finance Minister Arun Jaitley said after the two day meeting that the council also decided that exemption for assesses in the northeastern region and hill states will be Rs 10 lakh.
Jaitley said the jurisdiction over assessees with a turnover of Rs 1.5 crore and below will be with the states and for those above, it will be jointly with the central and state governments.
The council is scheduled to meet again on September 30 and again from October 17-19.
"All existing cesses will be subsumed in GST," Jaitley said.
"We will try to finalise the rates and the slabs during our meeting on October 17, 18 and 19," said Jaitley on a matter that has different views among the Centre and states.