The Goods and Services (GST) Council on Saturday cleared the final version of the Compensation Law which seeks to stipulate the manner in which states will be recompensed in the event of a loss due to the implementation of GST, Finance Minister Arun Jaitley said following the Council's meeting in Udaipur.
GST Council to next meet on March 4-5.
Jaitely added, "It is essential that enabling laws for GST are passed in second half of Budget Session to ensure its rollout from July 1".
The council's nod has paved the way for the law to be tabled in Parliament in the second half of the budget session beginning 9 March, as well as for the states to pass the bill in the respective state assembly.
The meeting was meant to give the final go-ahead to supporting legislation needed for the implementation of the of the Goods and Services Tax (GST).
This was strongly opposed by Opposition-ruled states like Delhi, West Bengal, Kerala and Karnataka which felt the reported "minutes of the meeting" do not reflect the decision taken at the GST Council. He said the bill will be put before the cabinet for approval.
The Centre and states failed to agree on the details of two bills crucial to triggering a Goods and Services Tax (GST) on Saturday, which possibly clouds the roll out of the country's biggest tax reform from July. "One major meeting after 4-5 March is needed to approve these slabs", said Jaitley. Under a taxation law, it need not be separately given.
The Finance Minister said the council did not discuss the anti-profiteering clause in today's meeting. The last meeting of the council was held on January 16 wherein the states were allowed to tweak taxpayer division after consulting Centre. Also, a separate UT-GST law, on lines of S-GST, needs to be enacted for Union Territories.
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