News Worms
News Worms

GST set for July launch; States agree on primary structure

GST set for July launch; States agree on primary structure

These legislative proposals will be taken up in the second half of Budget session of Parliament beginning next week.

"It looks like it's on track".

However, Jaitley added that the "cap rate will be kept at a higher rate and applied rate will be 5, 12, 18, 28 per cent".

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.

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"There shall be levied a tax called centralstate goods & services tax (CGSTSGST) on all intra-state supplies of goods andor such rates as may be notified by the centralstate government. but not exceeding 14%on recommendation of the council and collected in such manner as may be prescribed", the draft GST law says.

"The final drafts of the CGST and IGST laws were circulated to the GST Council and there was a long discussion on them", Finance Minister Arun Jaitley said at a press conference after the 11 GST Council meeting.

The S-GST and UT-GST laws will be on the lines of C-GST law, Jaitley said, added that the legal committee is giving finishing touch to drafts of these laws. The effective peak rate will continue to remain at 28 percent.

"While the passage of the CGST and IGST Bills by the GST Council is a welcome step, it would be have been wonderful if the SGST and UTGST Bills had also been approved", M.S. Mani, Senior Director - Indirect Tax at Deloitte Haskins & Sells said. It will again meet on 16 March to clear the state GST law (SGST) and the union territory GST law (UTGST).

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Ealier in the week, Economic Affairs Secretary Shaktikanta Das while speaking to reporters had said: "GST implementation is a huge one and that is going to be implemented by July 1".

Under GST, the states and the Centre will collect identical rates of taxes on goods and services.

This is done to obviate the need to go to Parliament in case the levy has to be raised on certain goods and services.

India has chose to peg the peak goods and services tax (GST) rate at 40% in the legislation instead of 28%, giving it the flexibility to raise rates without having to reach out to Parliament.

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