Union Finance Minister Arun Jaitley on Friday said that dual control and cross-empowerment remain to be sorted, while rest of the draft of supporting GST laws are approved. In a statement to the media on GST, Jaitley said, “GST Council to meet again on Jan 3-4 to decide on dual control and IGST, agrees on law for compensating states. Legally vetted draft of law for compensation to states to be placed before GST Council at the next meeting.”
He said the GST Council will meet on January 3-4 on IGST, dual empowerment, legally vetted language of compensation law, adding that compensation to states for loss of revenue from rollout of GST to be paid every two months. Jaitley said the law to provide for compensation to the states for loss of revenue was also approved by the GST Council at its two-day meeting which ended today but a final draft with legal language would be approved at the next meeting.
“I am trying my best,” he said, when asked about the April 1 rollout schedule. “I am not going to bind myself with
anything. Our effort is to do it as quickly as possible and I think we are making a reasonable headway.”
The three Bills relating to GST, namely, the CGST Bill, the IGST Bill and the Bill for compensating states for revenue losses following the implementation of GST have missed the initial deadline of passage in the Winter Session of Parliament. Following the clearance by the GST council, all the draft Bills are likely to be presented in the Session of Parliament. Subsequently, states will have to pass their state GST Bills in their respective assemblies.