IT&Software

GST Council approves final draft of GST laws

GST Council approves final draft of GST laws

In a major announcement, Union Finance Minister Arun Jaitley on Saturday said Goods and Service Tax Council has cleared the Central GST (C-GST) and Integrated GST (I-GST) laws.

The GST Council in its meeting held in Udaipur last month had approved the Compensation Bill which provides for compensation to states for revenue losses arising from a transition to the GST.

To be sure, there are some minor changes that have been proposed in the drafts of the CGST and the IGST bills.

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.

J&K Finance Minister Haseeb Drabu said the Centre had accepted the proposals and the Council would take a final view on the two laws in its next meeting.

Finance Ministers from the states, however, say every state government will have to pass their own state-GST and classify tax rates for each item that is sold in the market - also called fitment - before GST can be rolled out.

GST would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments.


The CGST, IGST and UT-GST laws will be tabled in the Parliament during the second half of the Budget session, which begins on March 9, Jaitley added. Jaitley further said the approval for the State GST law will be finalised in the next three days.

A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them.

This would be only an enabling provision to ensure that Parliamentary ratification is not required if the rate need to be increased in the future for an exigency.

The change in the peak rate will not alter the four-slab rate structure of 5%, 12%, 18% and 28% agreed upon past year, but is only a provision being built into the model law to take care of contingencies in future. Officials said this "14%" will now be changed to say the rate will not exceed "20%".

Agriculturists will be exempt from registering under the GST regime.

Watch videos for more.


  • Lakers legal fight is head-on collision of Busses

    Lakers legal fight is head-on collision of Busses

    The brothers cancelled the meeting and signed a document late Thursday reelecting Jeanie Buss as controlling owner. Jeanie Buss has proven that she's one businesswoman who should not be played with, even when you're her brothers.
    5 thoughts about the Browns and the Combine

    5 thoughts about the Browns and the Combine

    What will you do to get locker room, fans to believe in you): "Yeah, absolutely, and I believe that comes pretty naturally for me. Go ahead, draft a 1-year college starter who's team lost the freaking Sun Bowl to a Stanford team without Christian McCaffrey.
    Kaufman opens HSBC Women's Champions with 75

    Kaufman opens HSBC Women's Champions with 75

    Ko, who also shot a 67, and Jutanugarn (69) share second place with South Korea's Sung Hyun Park (68). I'm just going to go out there tomorrow and just play aggressively and hopefully the putts can drop".
  • Benzema's brace leads Madrid to win without Ronaldo, Bale

    Benzema's brace leads Madrid to win without Ronaldo, Bale

    He was forced to do without Ronaldo , who had scored twice against Las Palmas to salvage a point, because of ankle injury. Eibar have been on a fantastic run lately and will be looking to extend it by beating La Liga giants Real Madrid.
    Blizzard finally unveil Overwatch's newest tank hero, Orisa

    Blizzard finally unveil Overwatch's newest tank hero, Orisa

    In a separate developer update , Overwatch game director Jeff Kaplan discussed every aspect of Orisa, from lore to mechanics. She'll also be able to toss out her own barrier, which is kind of a mix between Reinhardt's shield and Winston's barrier.
    2 inmates killed in Nebraska prison revolt identified

    2 inmates killed in Nebraska prison revolt identified

    Smith announced the lockdown around 2:45 p.m. and said around 5:30 p.m. that the housing unit was " habitable and secure ". A department spokeswoman said an emergency response team secured the inmates and extinguished a fire in a prison yard.
  • United Nations  mediator wraps up 'tough' Syria talks in Geneva

    United Nations mediator wraps up 'tough' Syria talks in Geneva

    A new round of Astana talks is due on March 14, and Russian officials have said the Geneva negotiations could resume on March 20. The opposition and the Russians had not previously met at the Geneva talks.
    EPA withdraws Obama-era request for data on oil, natural gas

    EPA withdraws Obama-era request for data on oil, natural gas

    The Trump administration, which opposes much of Obama's climate change work, is highly unlikely to issue a methane regulation. It isn't clear whether the EPA plans to take any steps regarding the existing waiver.
    Samsung starts production of Galaxy S8

    Samsung starts production of Galaxy S8

    Galaxy S8 , the upcoming flagship by Samsung after the Galaxy Note 7 fiasco is one of the most anticipated smartphones of 2017. If you haven't receive it yet, then just manually check for update at Settings About device System update then.
  • France's Macron unveils programme as Fillon warned of 'abyss'

    France's Macron unveils programme as Fillon warned of 'abyss'

    Opinion polls continue to show he would fail to make the second round of the April/May election, however. Knocking off extreme-right candidate Marine Le Pen from the first place in the first round is a first.
    Shiv Sena declares names of candidates for BMC mayor, deputy mayor's posts

    Shiv Sena declares names of candidates for BMC mayor, deputy mayor's posts

    It is now clear that the next Mayor will be from Shiv Sena party which had won 84 seats in BMC elections held last week. Congress's Sanjay Nirupam said, "We (the Congress) had always maintained that the BJP and the Sena will come together".
    Xiaomi is about to be world's number 1 wearable company

    Xiaomi is about to be world's number 1 wearable company

    Smartwatch sales were down - with AAPL doing worse than most - and some analysts were calling for a miserable Q4. Shipments for the fourth quarter totaled 33.9 million units, up almost 17% on the same period in 2015.