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GST Council clears State GST, Union Territory GST: Finance Ministry

The Goods and Services Council (GST Council) cleared the State GST and Union Territory GST on Thursday, Finance Ministry sources were quoted by ANI in a tweet. 

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Finance Minister Arun Jaitley at an earlier GST Council Meet
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The Goods and Services Council (GST Council) cleared the State GST and Union Territory GST on Thursday, the Council's chair Finance Minsiter Arun Jaitley told the media. 

The Council was slated to meet on Thursday to endorse supplementary legislation required for the implementation of GST. 

With the approval for SGST and UT-GST, the GST Council has now granted a formal approval to five legislations - Central GST, Integrated GST, State GST, Compensation and UT GST. 

Hereon, while CGST, IGST, UT-GST, and the compensation laws will need to be passed by the central parliament, the SGST will be taken up by the state government cabinets at their assemblies. 

The four aforementioned laws will need the nod of the Lok Sabha after the Parliament's nod. 

Jaitley, while addressing the media after the Council meet, said, "We will try both the Lok Sabha and the state assembly take up the laws expeditiously." 

Jaitley said that the next Council meet would need to approve nine rules and regulations need. This includes laws for Registration, Payment, Refunds, Invoices, and Returns. 

The other four, including Composition, Valuation, ITC, and Transition would require a formal approval. 

While all the five crucial legislation for the implementation of GST were given the formal nod with the conclusion of Thursday's council meet, Jaitley said there was a possibility that "when the rules are approved, some marginal corrections will be required in the approved legislation."

The officers' committee will then send the final draft of the four balanced regulations and the correction in the earlier regulations for review. The GST Council is expected to meet again on March 31 to consider and approve the changes. 

Thereafter the only road block between the planning and implementation would be "fitment of various commodities into the tax slab," Jaitley said. 

"The GST Council will meet to approve the slabs and then will be ready for GST implementation," he added. 

Jaitley said the final issue will be taken up as soon as the March 31 meeting is done so as to have enough buffer between that and the roll-out date. Jaitley has echoed the government while setting the roll-out date for GST to July 1, 2017. It was pushed back from April 1, 2017, and April 1, 2016, before that. 

 

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