New Delhi: India’s Goods and Service Tax (GST) Council on Thursday approved the remaining two draft bills needed to roll-out its new tax regime, slated to start by July 1.
THE GST Council has already approved the three previous bills, Finance Minister Arun Jaitley, who chairs the Council, told reporters.
The draft bills, called UTGST (Union Territory GST) and SGST (state GST) now need to be approved by the Cabinet and tabled in Parliament’s ongoing budget session.
The new indirect tax regime also has nine set of rules and regulations, out of which the Council has already approved five — registration, payment, refunds, invoices and returns.
“Four other rules — composition, valuation, input tax credit transitions — require a formal approval of the Council,” Jaitley said, adding the next meeting will be held on March 31.
After March 31, the Council will address the issue of how various commodities will be taxed under GST. The tax brackets under GST are 5 per cent, 12 per cent, 15 per cent and 28 per cent, he added.
Jaitley also said that the tax on tobacco products and luxury goods has been capped at 15 per cent by the Council.
