GST Council approves final draft of Central GST, Integrated GST laws

 

The GST Council today approved the final draft of Central GST and Integrated GST laws in its meeting headed by Finance Minister Arun Jaitley in New Delhi.

Briefing media in New Delhi, Mr Jaitley said, the UT-GST and SGST laws will be approved in the next meeting on 16th of this month.

The compensation bill has been approved by the Council in its last meeting at Udaipur. These legislative proposals will be taken up in the second half of Budget session of Parliament beginning next week.

He exuded hope that GST will be rolled out from First of July this year.

Replying to a media query, the Minister said, there will be no change in the tax rates approved by the Council. However, there will be a cap of 40 percent in the legislation.

Agriculturists will be exempt from registering under the GST regime. Apart from this, business entity with an annual turnover of up to 20 lakhs rupees will also not be required registration under the new tax regime.

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