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GST to be implemented from July 1, says Finance Minister Arun Jaitley

GST to be implemented from July 1, says Finance Minister Arun Jaitley”

This provision will also allow the government to remove the cess at some stage and instead have a higher GST rate only, which will make for a neater GST. The C-GST and I-GST will now be presented in the Parliament for approval in the second half of the budget session that will start from March 9.

This means the central GST and state GST can be up to 20 percent each, leaving the scope for a maximum levy at 40 percent.

All eyes and ears are on the GST Council's meeting this weekend.

The change in the peak rate will not alter the four-slab rate structure of 5%, 12%, 18% and 28% agreed upon a year ago, but is only a provision being built into the model law to take care of contingencies in future.

West Bengal finance minister Amit Mitra said the demands of the states for sharing of administrative powers under the IGST act have been met.

Moving a step closer towards implementing the goods and services tax (GST) from 1 July, the GST council on Saturday approved two crucial supporting legislations for this ambitious tax reform. Finance Minister Arun Jaitley had said that all the states have agreed over the most of the points of the model GST law.

The GST council, in its eleventh meeting in New Delhi, approved the drafts of the central GST law (CGST) and the integrated GST (IGST) law. Officials said this "14%" will now be changed to say the rate will not exceed "20%". "UT-GST along with SGST will be on lines of CGST law; GST Council to consider them at March 16 meeting", he said.

The government has already indicated that it is keen to roll out the new regime from July 1 onwards.

Billed as the uniform single market tax, GST will replace a plethora of central and state taxes, is a consumption-based tax levied on sale, manufacturing and consumption on goods and services at the national level.

The Centre will also levy and collect the IGST on all inter-State supply of goods and services.

India has made a decision 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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