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Revised Drafts Of GST Laws Are Ready And Set To Be Placed Before The GST Council
An Indian consumer goods trader shows letters GST representing ‘Goods and Services Tax’ (GST) (NOAH SEELAM/AFP/Getty Images)
The revised drafts of three goods and services tax, or GST, laws have been released after incorporating suggestions from stakeholders, the government said on Saturday (26 November). This will now be placed before the Goods and Services Tax Council in its next meeting on 2-3 December.
Revenue Secretary in the Ministry of Finance, Hasmukh Adhia tweeted:
The states will now internally deliberate on the revised drafts, which were finalised in a meeting of the Council's Law Sub-Committee, comprising central and state officials, on Friday (25 November) in Delhi.
The Central GST (cGST) will be framed based on the Model GST Law. The states will draft their State GST (sGST) based on the cGST with minor variations.
Four draft bills – Central GST, State GST, Integrated GST and State Compensation Law for revenue losses – will have to be passed by Parliament and state assemblies after the Council's approval.
The government is targeting 1 April 2017 as the implementation date for the new indirect tax system.
With inputs from IANS
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