GST Council reaches consensus on dual control; Centre to govern existing ST assessees

Finance Minister Arun Jaitley, addressing a press conference after conclusion of 2-day 1st meeting of GST Council, announces that GST exemption threshold is fixed at Rs. 20 lakhs, while Rs. 10 lakhs for North-Eastern and other small States; As regards compensation to States, Mr. Jaitley stated that all Cesses will be subsumed in the GST, FY 2015-16 shall be taken as base year for making revenue projection, and such compensation shall be granted at regular intervals; On dual c...