GST On Track, Likely To Be Implemented From 1st July 2017


The GST Council on Saturday fixed a 5 per cent tax rate on small hotels and restaurants and approved draft of key supporting legislation's to enable roll out of the new indirect tax regime from 1st July.

 "GST looks on track. Subject to Parliament approval, it looks like the possible date of implementation of GST is July 1," Jaitley said after the 11th GST Council meet concluded in New Delhi.

 The all-powerful Council approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) and will take up for approval the State-GST and Union Territory-GST (UT-GST) laws at its next meeting on 16th March 2017.

 The C-GST, which will give powers to Center to levy GST on goods and services after union levies like excise and service tax are subsumed, and I-GST that is to be levied on inter-state supplies, will go to Parliament for approval in the second half of the Budget session beginning March 9, "Finance Minister Arun Jaitley" said.

 The S-GST, which will allow states to levy the tax after VAT and other state levies are subsumed in the GST, will have to be passed by each of the state legislative assemblies. UT-GST will also go to Parliament for approval.

 The Union Territory GST (UTGST) and state GST (sGST) draft bills will be taken up for discussion and approval at the Council's next meeting on 16 March, Jaitley told reporters at a press briefing.

 To Know More About GST Registration Process India Go Here: Goods and Service Tax Registration india

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