The much-awaited Goods and Services Tax (GST) is all set to be implemented by the stated deadline of July 1 as all states have agreed, reports CNBC-TV18 quoting Economic Affairs Secretary Shaktikanta Das.
The GST council approved 2 bills the Central GST and the Integrated GST. The Union Territory GST (UTGST) Bill, however, is yet to be approved.
The government has been keen to roll out the new regime from July 1 but for that, it will have to get two laws - the Central GST (CGST) Act and Integrated GST (IGST) Act ? approved by Parliament and each of the state legislatives have to pass the State GST (SGST) Act. The model GST law provides a common draft of CGST Act, SGST Act. Besides, there is an IGST law and Compensation law.
Union Finance Minister Arun Jaitley, after coming out of the 11th meeting of the Council said ?We approved the CGST and the IGST Bills. The decision was unanimous and all the states supported it. It looks like July 1 could be a possible date for implementing the GST?
"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," Jaitley had said after the February meeting. "The SGST law will go to the state assemblies for approval."
Legally vetted drafts for all important bills would be presented to the council in March, while states are expected to get the final draft of CGST and SGST on March 1, Jaitley had said.
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