Following the crucial Goods and Service Tax (GST) council meeting Finance Minister Arun Jaitley has today announced that the State GST (SGST) and Union Territory GST (UTGST) laws had been cleared by the council. The Finance Minister has stated that the supporting laws will now be taken to respective state assemblies and then to the parliament.
Jaitley has further asserted that officials are working on the fitment of different commodities under the GST law and the process will start post April. While some amendment of the bill has been drafted in today’s meeting the composition, transition and valuation of the rules are yet to be discussed. Jaitley said that law relating to registrations, invoices and returns have already been approved. The council will next meet on March 31 to frame rules for Goods and Service Tax regime.
“The 12th Council meeting approved UTGST and SGST today. Officers had already done the groundwork, The drafts were already circulated. In the past meetings, the Council has already approved CGST (Central GST), IGST (Integrated GST) and Compensation drafts,” Finance Minister Arun Jaitley, who chairs the Council, told reporters here.
Asserting that the implementation of the GST bill will be from July 1, FM Jaitley said that the tax rates for various goods and services will be taken up after framing the rules. He said that for the purpose of empowerment, cap of cess on demirit goods on top of peak rate of the taxation law has been kept at 15 per cent.
The GST council has meet from time to time to resolve the issues regarding the implementation of the pan-India tax regime. The Council headed by Union Finance Minister Arun Jaitley also comprises representatives of all states. In its last meeting the panel has approved the final draft of central GST (C-GST) and integrated GST (I-GST) laws.
The government is hoping the C-GST, the I-GST, the UT-GST and the GST Compensation laws will be approved in the current session of Parliament and the S-GST by each of the state legislatures soon to help roll out the new indirect tax regime from July 1.