Finance Minister Arun Jaitley approves Draft Compensation Bill in GST council meeting

Finance Minister Arun Jaitley approves Draft Compensation Bill in GST council meeting

FM said, after the meeting on March 4 and 5, we hope to table the legislative laws in Parliament in the second half of the budget session which begins on March 9

Speeding up the process of implementing Goods and Service Taxes by July 1, 2017 Finance Minister, Arun Jaitley on February 18 approved Draft Compensation Bill in the tenth GST council meeting held in Udaipur. On March 4-5, legally vetted drafts for all the important bills will be presented to Council, he added.

One more meeting is slated to be held on March 4-5 to give approval to the specific items in Central GST (CGST), Integrated GST (IGST) and State GST (SGST).

Finance Minister said, “after the meeting on March 4 and 5, we hope to table the legislative laws in Parliament in the second half of the budget session which begins on March 9.”

However, FM told that the anti-profiteering clause in was not discussed in this GST Council meeting.This clause that gives the right to the central government to keep a tab on the prices that are charged by the businesses once the GST comes into force.

The central government is planning to introduce the GST bill in the Parliament next month.The Central GST (CGST) Act and Integrated GST (IGST) Act needs to be approved by Parliament whereas all the state are required to pass State GST (SGST) Act so that government can start implementing GST from July 1.

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