In a big step forward, the GST council on Thursday approved the state GST and the Union Territory GST laws, paving the way for the July 1 roll out of the new indirect tax system.
Addressing a press conference in Delhi, Finance Minister Arun Jaitley said, “The GST council today approved the GST state and Union territory laws.” He added that the law relating to registrations, invoices and returns have already been approved.
The Council had earlier on March 4 cleared drafts of three other bills Integrated GST (IGST), Central GST (CGST) and Compensation bill. These bills will now go to Union Cabinet for approval.
” The GST council will be meeting on March 31 to frame rules for the Goods and Services tax regime,” said Arun Jaitley.
The tax rates will be further decided after the framing of rules, he added. The government plans to roll out the new tax regime by July 1, 2017.