Jaitley announces approval of GST regime rules, next meeting on May 18, 19

Union Finance Minister Arun Jaitley on Friday announced the approval of the remaining rules of the Goods and Services Tax regime, adding that the fourteenth GST Council meet to discuss the rate structuring will be held on May 18 and 19 in Srinagar.

"Four new set of rules will be implemented under the GST, which includes input tax credit, valuation, transitional provisions and composition rules," said Jaitley while briefing the media after the 13th GST Council meet in New Delhi.

"The final corrected draft approved today will be put in the public domain so that the industry can come up with changes, after which we will make amendments as required and incorporate the bill," added Jaitley.

He further informed that out of the nine set of rules, the original five

including registration, return, payments, refund, invoice debit and credit note have been amended and altered, and are now final.

However, adding to this he said that the remaining four new rules are tentatively approved but will be put in public domain and will be considered in the next meeting.

Four Bills were passed yesterday after the Centre did not approve amendments moved by the opposition parties.

Among the Bills that were passed are The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017.

Finance Minister Arun Jaitley yesterday said the passage of the Bill in the House was history is in the making, adding that the country will witness transforming into a new system of indirect taxation.