ALSO READGST Council to finalise draft model GST law tomorrow GST Council meet at Vigyan Bhawan begins; to finalize supporting legislations GST Bill likely to be tabled before Cabinet on March 22 Govt. optimistic about GST implementation from next fiscal Consensus on most issues, says Arun Jaitley after GST Council meet
The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley on Thursday 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 GST implementation.
The Council's nod will act as another decisive step in the run up to the implementation of the overhauled tax regime from July 1.
Also, it is likely that the council will add more cess to boost resources to compensate states.
Earlier, the GST Council chaired by Jaitley approved the draft CGST Bill and the draft I GST Bill as vetted by the Union Law Ministry. It cleared the deck for the Central Government to take these two Bills to the Parliament for their passage in the ongoing Budget Session.
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