GST Council okays some rules;to finalise various rates nxt mth

The GST Council today approved half of the rules needed for rollout of the Goods and Services Tax (GST) regime fromJuly 1.
The panel headed by Finance Minister Arun Jaitley will meet again onMay 18-19in Srinagar to finalise the rates of different commodities and services as also to approve the remaining ones.
Jaitley said the Council gave approval to amending the five rules on registration of entities under the GST regime, filing of returns, payment of tax and refund, invoicing and debit and credit notes in consonance with the GST law approved by Parliament this week.
These rules were cleared in the meeting of the Council in September and today they were made in consonance with the Parliament approved law.

Tentative approval was given to the remaining four rules of input tax credit, valuation, transition provisions and composition rules and the final approval will come in the next meeting to be held in Srinagar, he said.