On Saturday, the Goods and Services Tax (GST) Council had a meeting. The meeting called by the Finance minister Arun Jaitley was chaired to decide the final draft of C-GST and I-GST. The Finance Minister met up with finance ministers of all states and the union territories and held a discussion as to how to implement the State GST bill.
The Centre has also said previously that they will be rolling out the GST from July 1st. To finalize this, they plan to hold at least 12 GST Council meetings in the next few weeks. Addressing the Media, Jaitley said, “Approval of draft of state-GST (SGST) which is to be cleared by state assemblies is on the anvil. UT-GST along with SGST will be on lines of CGST law; GST Council to consider them at March 16 meeting.”
He also said that the CGST, IGST, and UT-GST will be presented in the parliament in second budget session which begins on March 9th. As for the introduction, Jaitley said, “July 1 looks possible for the rollout of GST; cap rate will be kept at a higher rate; applied rate will be 5, 12, 18, 28 per cent.”
Delhi’s Deputy CM Manish Sisodia, speaking about the Goods and Service Tax council meet said that Central GST and Integrated GST have been given approval from almost all the day at today’s meeting. Sisodia also said that the Centre should bring real estate under GST, so as the black money that is slowly seeping into the real estate industry will be controlled under GST. While Manish said of approval, JandK Finance Minister Haseeb Drabu said that ‘some minor editorial changes’ were required and have been sent to the legal department for modifications.
