The Union Cabinet on Monday approved four supplementary Goods and Services Tax Bills to implement the tax reform from July 2017, ANI reported. The four bills that were approved were: the Central GST, the Union Union Territory GST, the Integrated GST and the compensation related Bill.
The decision was taken in a Union Cabinet meeting held on Monday morning. The supporting bills will be introduced as Money Bills in Parliament some time this week for approval, PTI reported. Once Parliament approves the bills, the states will introduce the State GST Bill for discussion in their respective Assemblies.
In its previous meeting this month, the GST Council, headed by Finance Minister Arun Jaitley, had already approved the draft laws. Jaitley had earlier said that the Narendra Modi government was optimistic about rolling out the GST as per its revised deadline – July 1.
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.