SME Times is powered by   
Search News
Just in:   • Panasonic launches 2-in-1 detachable toughbook  • Duty drawback to factor other taxes: FIEO  • China to restrict oil exports to N.Korea  • Yamaha to invest over Rs 200 crore in Chennai plant  • Govt realises it needs Viagra boost to revive economy: Congress 
Last updated: 20 Feb, 2017  

gst-THMB.jpg GST Council has cleared draft compensation law: FM

Arun Jaitley
   Top Stories
» Relief for exporters: Govt considering ways to speed up refunds
» New drawback rate disappoints garment exporters
» PM dedicates trade facilitation centre for handicrafts to nation
» Govt working towards getting back earlier growth rate: FM
» Private investment and banks' growth two major challenges: FM
SME Times News Bureau | 20 Feb, 2017
Finance Minister Arun Jaitley on Saturday said the Goods and Services Tax (GST) Council has cleared the draft compensation law -- one of the four enabling laws under the GST constitutional amendment - and hoped the remaining ones will be cleared in the next meeting ahead of the second half of Parliament's Budget Session.

"The GST's compensation law states that if any state suffers loss it will be covered in first five years. Its legally vetted draft came before the Council and was the first law formally passed," Jaitley said at a press conference in Udaipur.

Jaitley said he hoped the drafts of the remaining iGST (integrated GST), sGST (state GST) and cGST (central GST) laws will be passed in the Council's next meeting slated for March 4-5 in the national capital.

"Once all drafts are approved, we will place them in Parliament. In Budget Session's second half (that begins on March 9), all enabling laws under GST constitutional amendment should get approved," he added.

While legal vetting of the draft laws, some issues on the delegation of powers, exemptions during transition phase, work contracts, definition of agriculture, etc. were brought before Council.

"Today GST's legal committee sought explanation on these and the Council gave its opinion. These now have to be incorporated in the draft laws. March 4-5 the legally vetted drafts of these laws will come before the Council, which it will try to approve," Jaitley said.

The draft laws once passed by Council, will have to be passed by Parliament.

Simultaneously, sGST will have to be passed by state legislative bodies.

Jaitley said after that the next step will be to slot commodities under the GST tax slabs.

"Each item has to be fitted under a particular slab. After the March 4-5 meeting, officers will start slotting the commodities and we will require another major meeting to give approval to the specific items in each of the slabs," the Finance Minister said.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

GST on Education/Computer training courses
John Mathew | Wed Feb 22 08:09:33 2017
Govt. must seriously consider slashing GST (earlier Service Tax) to single digit, say 5 or 6%. Even for services on Medical. Earlier ST was 10.2%, then 12.36, 14, now 15%. If Govt will insist on 18% it will create too much of damage and making bigger holes in the pockets of upper medium class down to lower income parents and individuals. When such a huge % tax is levied many are following the 'no bill' business. People like us who doesn't agree with 'no bill' business are losing money as most times we accommodate them by charging fees including tax. In other words we absorb the damage. Govt. must think of ways of how these malpractices can be curtailed by taking such positive measures. If so, more people will pay GST for the above and Govt will surely end up collecting more money in the exchequer as a total.


 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.40
63.70
UK Pound
88.60
85.70
Euro
77.95
75.35
Japanese Yen 58.40 56.40
As on 25 Sep, 2017
  Daily Poll
Small traders even below the threshold limit too should register under GST system?
 Yes
 No
 Can't Say
  Commented Stories
» Starting an import export business: Basic guide for beginners(11)
» Export sops: WTO compliance(5)
» GST Council reduces GST rates on 18 handicrafts items(3)
» Committee on Exports formed to monitor issues post GST(2)
» Note ban, GST to affect informal, SME sector: Manmohan Singh(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter