SME Times is powered by   
Search News
Just in:   • Textile traders extend 3-day strike against GST  • Key equity market indices open higher  • LT Foods sets up plant in Europe to popularise 'Daawat' rice  • Vodafone India partners with HMD Global for Nokia smartphones  • Fitch Ratings maintains negative outlook on banking sector 
Last updated: 17 Mar, 2017  

Arun.9.Thmb.jpg Council approves all five draft bills for GST

gst-parliament.jpg
   Top Stories
» No deferring GST launch, clears FM Arun Jaitley
» Cabinet gives in-principle nod to divest bleeding Air India
» Opposition parties may skip GST launch on┬áJune 30
» Govt notifies mandatory linking of Aadhaar with PAN
» 'Incubators for startups in every parliamentary constituency'
SME Times News Bureau | 17 Mar, 2017
With the Goods and Service Tax (GST) Council on Thursday approving the remaining two draft bills -- UTGST (Union Territory GST) and SGST (state GST), all the five enabling draft bills stand approved to enable a likely rollout of the new indirect tax regime by July 1.

"The 12th Council meeting approved UTGST and SGST today. Officers had already done the groundwork, The drafts were already circulated. In the past meetings, the Council has already approved CGST (Central GST), IGST (Integrated GST) and Compensation drafts," Finance Minister Arun Jaitley, who chairs the Council, told reporters here.

With the final approvals, the legislative exercise stands complete and July 1 is the tentative date of GST's implementation, Jaitley said.

The draft bills now need to be approved by the Cabinet and tabled in Parliament's ongoing budget session.

Meanwhile, the sGST draft law will have to be approved by the legislative assemblies of Delhi and Puducherry.

The UTGST draft law is for the union territories like Andaman and Nicobar Islands, Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, which do not have legislative assemblies.

The new indirect tax regime also has nine set of rules and regulations, out of which the Council has already approved five -- registration, payment, refunds, invoices and returns.

"Four other rules - composition, valuation, input tax credit transitions - require a formal approval of the Council," Jaitley said adding the next meeting will be held on March 31.

After March 31, the Council will take up the exercise of fitment of various commodities in the GST tax slabs - 5 per cent, 12 per cent, 15 per cent and 28 per cent, he added.

The officials have already started the fitment process, which will be put up for discussion and approval before the Council.

Jaitley also said that the cess on sin (tobacco products) and luxury goods has been capped at 15 per cent by the Council.

"Capping of cess has been done. These are not actual, but, ceiling is kept higher to give a marginal headspace," he 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:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.15
63.50
UK Pound
83.40
80.60
Euro
73.45
70.95
Japanese Yen 59.75 57.70
As on 29 Jun, 2017
  Daily Poll
Should Govt tax farm income above certain level?
 Yes
 No
 Can't say
  Commented Stories
» GST transition for SMEs(24)
» Starting an import export business: Basic guide for beginners(13)
» SMEs, start-ups to benefit from GST: Vastada Consulting(2)
» Poor state of state finances(2)
» After note ban now SMEs get scared of GST(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter