GST Council to decide on rates in May

Five set of rules cleared, another four tentatively approved; RS to take up GST Bills on Wednesday

The goods and services tax (GST) Council on Friday cleared rules on five aspects of the new indirect tax regime and tentatively approved four sets of norms. 

This follows the clearing of the GST Bills by the Lok Sabha and the focus shifting to rules and the fitment of rates.

The Council’s next meeting on May 18 and 19 in Srinagar will take up the four sets of norms (tentatively approved on Friday) and item-wise rates. This will leave six weeks for businesses to prepare for these changes before the planned roll-out on July 1.  

The five sets of