With the Goods and Service Tax (GST) Council on Thursday approving the remaining two draft bills — UT-GST (Union Territory GST) and S-GST (State GST), all the five enabling draft bills stand approved to enable a likely roll out of the new indirect tax regime by July 1.
The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all States, at its last meeting approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) laws.
Supporting GST laws would now be taken to the Cabinet and then to the Parliament for approval, Jaitley said after the Council meeting. For the purpose of empowerment, cap of cess on demerit goods on top of peak rate of GST has been kept at 15%, he added.
The GST Council would meet on March 31 for framing of rules for Goods and Service Tax regime, Jaitley said, adding that tax rates for various goods and services would be taken up after framing of rules. He also expressed hope that the GST would be implemented by July 1.