Crucial CGST, IGST bills cleared by Council; next meet to be held on March 16

The Goods and Services Tax (GST) Council, which met on Saturday at Vigyan Bhavan, has cleared the Central GST and Integrated GST laws and agreed the next meeting will be held on March 16.

"The decision was unanimous and all the states have supported it," said Union Finance Minister Arun Jaitley on the approval of Central GST and Integrated GST laws by the GST Council.

"We will take extra precaution in the legislations of the GST before taking it to the Cabinet," said Jaitley.

"All legislations will collectively to the Cabinet because there are cross references in each law, so this has to considered as a package," he added.

Earlier, the GST Council proposed to raise the peak tax rate to 20 percent, from the current 14 percent. The revised draft of model GST law which was made public in November 2016, provides for a maximum rate of tax under the new regime at 14 percent (14 percent central GST and an equal state GST, taking the total to 28 percent).

However, the last year, the council had agreed on a four-slab structure, which included five, 12, 18 and 28 percent.