The Goods and Services Tax Council on Thursday approved the State GST and Union Territory GST laws, Finance Minister Arun Jaitley told ANI. The next meeting will be held on March 31.
“Four other rules – composition, valuation, input tax credit transitions – require a formal approval of the Council,” Jaitley said after Thursday’s meet. However, he did not divulge any further details about the meeting. The crucial discussion about the GST rates will be taken up in the next meeting.
The Council had cleared the drafts of the central GST and integrated GST on March 4. Jaitley had then said that the Narendra Modi government was optimistic about rolling out the GST as per its revised deadline – July 1. The Union minister had said that the GST laws would be presented during the second half of the Budget session starting March 9.
The GST got President Pranab Mukherjee’s approval on September 8, 2016, after being ratified by 16 states. It was passed by the Rajya Sabha on August 3. It seeks to replace India’s complicated tax regime comprising 17 different charges with a single levy.