In a positive development on Goods and Service Tax, the GST Council approved the remaining draft bills of UT-GST (Union Territory GST) and S-GST (State GST) on Thursday.
This move let all the five enabling draft bills as approved, enabling the roll out of the new indirect tax regime by July 1.
The GST Council was headed by the Union Finance Minister Arun Jaitley and all States representatives approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) laws.
Arun Jaitley also hoped that the GST would be implemented by July 1.
In the next process, the supporting GST laws will be taken to Cabinet and Parliament for approval. The cap of cess on demerit goods on top of peak rate of GST has been kept at 15% for the purpose of empowerment. The next GST Council meeting is scheduled for March 31 to frame the rules for Goods and Service Tax regime. Jaitley said that tax rates for various goods and services will be considered after rules preparation.