The crucial Goods and Services Tax (GST) Council meet, headed by Finance Minister Arun Jaitley has commenced at Vigyan Bhavan with the agenda to get the council’s approval on iGST (integrated GST), CGST (central GST) and SGST (state GST) drafts before the second half of the budget session of Parliament that begins on March 9.
However, the State GST and UT GST will not be on the council’s agenda for today as the tax reform lies pending with the Law Commission for legal framing.
The government is keen to roll out the new regime from 1 July for which it is likely to hold 12 GST Council meetings in the next week to discuss and get it cleared.
The draft compensation bill has already been approved in the Council’s February 18 meeting. The four crucial bills form the enabling laws under the GST constitutional amendment, and the passage of these bills would pave way for the implementation of India’s biggest indirect tax reform.