The Centre is looking at GST rollout from July 1. However, there was no discussion with regard to the State GST Bill.
Echoing similar opinion, Jammu and Kashmir Finance Minister Haseeb Drabu revealed that the aforementioned provisions are being considered for minor editorial changes, and State GST will be discussed in the next meeting. "To this effect, the Center has approved a five percent tax on turnover of up to Rs. 50lakh, as opposed to the 18 percent rate fixed under the GST", added Mitra.
Added Rakesh Bhargava, Director, Taxmann, "Still the most hard task for the Council is to take decision on phase-wise implementation of GST since some States suggested GST implementation in two or three phases as GST Softwares are not ready and industry also need time for smooth implementation of GST".
In the eleventh (Goods and Services Tax) GST Council meet held on March 4, Central GST and Integrated GST law has been cleared. Jaitley further said the approval for the State GST law will be finalised in the next three days.
The S-GST and UT-GST laws will be on the lines of C-GST law, Jaitley said, added that the legal committee is giving finishing touch to drafts of these laws.
Officials said this will now be changed to say the rate will not exceed "20 percent".
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. "So the applied rate is going to be what the council has decided".
Arun Jaitley said July 1 appeared to be the likely roll out date for GST.
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. This way, there won't be any need to seek Parliament's approval in case there is a need to increase levy on specific goods and services.
The four crucial bills form the enabling laws under the GST constitutional amendment, and the passage of these bills would pave way for the implementation of India's biggest indirect tax reform.
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