GST council: Cabinet gives its nod, Modi govt hopeful of implementing tax regime next fiscal

Central Government led by Prime Minister Narendra Modi is planning to implement GST from April 1, 2017.

By: Express Web Desk | New Delhi | Published:September 12, 2016 12:31 pm
GST Bill, GST council, arun jaitley, GST, goods and service tax, GST council, GST bill, narendra modi, pranab mukherjee, prime minister, GST passed, GST council passed GST council will be headed by Finance Minsiter Arun Jaitley. PTI Photo

The Union cabinet on Monday granted its approval to formation, process and functioning of GST council just four days after President Pranab Mukherjee gave his consent to the Goods and Services tax bill, on Thursday.

The GST council will be responsible for deciding various issues including the GST tax rate and how the new tax regime will function. The council will be headed by Union Finance Minister Arun Jaitley and members will comprise of state Finance Ministers.

The Union government is planning to implement GST from April 1, 2017 and is working on a tight schedule.

The revises GST bill was passed by both Houses of Parliament during the Monsoon Session after which 16 states ratified it. President Pranab Mukherjee’s nod was the final formality after which the government will now work towards the implementation of the new tax regime.