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GST Council approves state GST, Union Territory GST law

ANI  |  New Delhi [India] 

The Goods and Services (GST) Council on Thursday approved two crucial Bills -- State and Union Territory -- paving the way for tabling of the Bills in the current session of

The Council has already cleared Central (CGST) and integrated (IGST) Bills and the Compensation legislation.

"relating to registrations, invoices and returns have already been approved. The council has now approved all the five laws. The next meeting of the Council is on March 31 at 5 p.m. in Delhi," Union Finance Minister Arun Jaitley said after the Council meet.

In compensation, the draft on cess has been provisioned.

"The provision of cap of 15 percent on cess has been approved by the Council," Jaitley added.

The Council headed by Jaitley earlier in the day announced the panels' consensus on significant issues including fixing the threshold limit for registration and full compensation for five years to the states for losses on account of the implementation.

The Council's nod has acted as another decisive step in the run up to the implementation of the overhauled regime from July 1.

Earlier, the Council chaired by Jaitley approved the draft CGST Bill and the draft I Bill as vetted by the Union Ministry. It cleared the deck for the Central Government to take these two Bills to the for their passage in the ongoing Budget Session.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 16 2017. 21:57 IST