GST Council clears draft laws
Monday, March 6, 2017 IST
Nod for Central and Inter-State laws marks progress towards July 1 rollout
In a significant step towards meeting the July 1 deadline for the roll-out of the Goods and Services Tax (GST), the GST Council on Saturday gave its formal approval to the Central GST (CGST) and Inter-State GST (IGST) laws, with the Compensation Law already having been approved during the previous meeting on February 18.
The Council will meet again on March 16 to deliberate on the final versions of the remaining two laws — the State GST law and the Union Territories GST Law.
“The final drafts of the CGST and IGST laws were circulated to the GST Council and there was a long discussion on them,” Finance Minister Arun Jaitley said at a press conference after the 11th GST Council meeting.
Minor tweaks needed
The CGST and IGST laws still required some minor tweaks in the language, but they will be ready and placed in the public domain within three to four days, Revenue Secretary Hasmukh Adhia said.
The remaining laws to be approved, the SGST and UTGST laws, are replicas of the CGST law, with only minor differences, Mr Jaitley added.
“The SGST law will apply to all States and Union Territories with legislatures (Delhi and Puducherry), but will not apply to those Union Territories without a legislature,” the Union Finance Minister said. “Therefore, we will need to bring out a Union Territories GST law for those Union Territories.”
‘A welcome step’
“While the passage of the CGST and IGST Bills by the GST Council is a welcome step, it would be have been wonderful if the SGST and UTGST Bills had also been approved,” M.S. Mani, Senior Director - Indirect Tax at Deloitte Haskins & Sells said.
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