Government revenue collection rises to Rs 96483 cr in July under GST
business, Economy

GST council meet today: May clear key legislations

The GST council may approve two vital legislations at its meeting on Thursday including the state GST (SGST) and the union territory GST (UTGST) bills. It will give a push to the government’s determinations to crush the ambitious indirect tax reform from July 1.

The government is also expected to seek cabinet agreement for the other bills sanctioned by the council previously. The positive verdict in four states such as UP, Uttarakhand, Manipur and Goa is likely to reinforce the Centre’s position further.

As per the sources, the government was working on a strategy to make sure that the bills got parliamentary approval in the continuing session. State legislatures will also requisite to support the SGST legislation.

The Council approved a draft law last month seeking to compensate states fully in revenue loss as a result of the tax reform.  Besides, two crucial legislations including the central GST (CGST) and integrated GST (IGST) were approved by the council earlier this month.

While the CGST legislation will allow Centre to levy tax on goods and services once central excise and service tax are subsumed, SGST will let states levy tax after VAT and other levies are incorporated in GST.

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