GST Council clears final draft of C-GST, I-GST laws, July 1 rollout likely: Arun Jaitley

Union Finance Minister Arun Jaitley (File Photo)

The Goods and Services Tax (GST) Council meet, chaired by Union Finance Minister Arun Jaitley, cleared the final draft of C-GST and I-GST law on Saturday. Jaitley today met with his state counterparts and discussed at length the GST legislation to be adopted by Union Territories. However, there was no discussion with regard to the State GST Bill. The government has already indicated that it is keen to roll out the new regime from July 1 onwards. For this, it plans to hold at least 12 GST Council meetings in the comings weeks. Talking to the media about the state GST Bill, Jaitley said, “Approval of draft of state-GST (SGST) which is to be cleared by state assemblies is on the anvil. UT-GST along with SGST will be on lines of CGST law; GST Council to consider them at March 16 meeting,” he said.

He further said that CGST, IGST and UT-GST law to be taken to Parliament in the second half of Budget session beginning March 9. As for the eventual rollout, Jaitley added: “July 1 looks possible for rollout of GST; cap rate will be kept at a higher rate; applied rate will be 5, 12, 18, 28 per cent.”

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Meanwhile, commenting on the GST Council meet, Delhi’s Deputy Chief Minister Manish Sisodia said the central GST and integrated GST legislations have been broadly agreed upon at the meeting today. Sisodia said that real estate should be brought under GST, adding that black money finds its way into real estate so bringing it under the Goods and Services Tax will help in keeping a check on black money. On the hand, J&K Finance Minister Haseeb Drabu said that ‘some minor editorial changes’ are required in the legislations and they have to be sent to the legal department afresh.