Next council meet on Feb 18 | Rates may be decided in May or June
Keen to roll out the Goods and Services Tax by July, the government plans to take the supporting legislations to Parliament next month, Finance Minister Arun Jaitley said today.
While the GST Council has already decided on a four-slab tax structure for the indirect tax regime, the levy for different goods and services will be decided by May or June.
Jaitley said he hopes to get Central GST (CGST) and Integrated GST (IGST) draft legislations approved at the next GST Council meeting on February 18 and bring them in the second half of the ongoing Budget session. The session will reconvene on March 9 after a month-long break and continue till April 12.
“Now, the main policy issues (with regard to CGST and IGST) over nine meetings have been put to rest. Final drafts are now being prepared and once they are circulated with the legally vetted language, those drafts will have to then go to Parliament and the state legislature (for SGST) for approval,” the FM said.
“We will meet on 18th of this month. Hopefully, my target, currently, is to finalise those drafts and take them in the second part of the Budget session in Parliament,” Jaitley said at a post-Budget meet with industry chambers.
“One parallel exercise is fitment of various commodities in to the rate structure for that the officer has to meet,” Jaitley said.
The GST Council has fixed the four-tier structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
Revenue Secretary Hasmukh Adhia said a good or service would be put in a slab which is closest to the current rate at taxes.
“We hope to complete the process of final rules and laws by March 31, rates can be decided even in the month of May or June.” (with agency inputs)
New Delhi, February 3
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