Council tentatively approves GST Rules: Jaitley

In preparation of the impending new indirect tax regime from July 1, the Goods and Services Tax (GST) Council, in its 13th meet on Friday, gave tentative approval to the remaining set of rules, said Union Finance Minister Arun Jaitley.

"Today, out of nine set of rules, four have been tentatively approved. The other five, which have already got approval have been corrected and brought in consonance with the Act," Jaitley told media persons here after the Council meet.

The earlier approved five rules include - registration, return, payment, refund, invoice - debit and credit notes.

"The four new rules will be put in public domain and will be taken up in the next meeting on May 18-19 in Srinagar," Jaitley said.

The Council has decided that the final corrected draft of the four rules as approved on Friday will be put in public domain so that industry can make suggestions, he said.

"And if any changes are required as per industry suggestions, in next meeting, they will become final," he added.

Meanwhile the officers committee will start working on fitment of goods in the various tax slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent, the Finance Minister said.

--IANS

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