(HT)
The Cabinet may take up for discussion and clearance on Monday five draft laws on Goods and Services Tax (GST) needed to implement the country’s biggest tax regime from July 2017. “The Bills will be taken up by the Cabinet and after its approval they will be introduced in the Parliament,” a finance ministry official told Hindustan Times.
The Narendra Modi government is racing against time to roll out GST from July, after successive governments have missed several deadlines.The GST Council headed by finance minister Arun Jaitley has cleared all the five draft laws–Central GST (CGST), Integrated GST (IGST), Compensation Rule, State GST (SGST) and Union Territory GST (UT-GST) bills.
On March 16, the Centre and states approved SGST and UT-GST Bills that will enable states and Union territories to introduce the GST, billed as India’s biggest tax reforms.On March 4, the council had approved the CGST and IGST Bills.In the last meeting, the GST Council capped cess on demerit goods and luxury products at 15%.
