The crucial 2-day Goods and Services Tax Council meet, headed by Finance Minister Arun Jaitley has approved the Central and Integrated GST final drafts 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.
- The Centre and states have decided to exempt agriculturists from registering under the Goods and Services Tax regime, while the threshold for traders has been set at Rs 20 lakh turnover.
- The GST Council has also empowered commissioner-level officers to allow payment of GST levy by a taxpayer in instalments in order to mitigate any financial hardship being suffered by a taxpayer.
- The GST Council, comprising Union Finance Minister Arun Jaitley and his state counterparts, on Saturday vetted the Central GST and Integrated GST bills, clearing decks for their introduction in the second leg of the Budget session of Parliament beginning next week.