GST April 1 deadline still a distant dream
Shital Jibhe / 24 Dec 2016
The 7th meeting of Goods and Services tax concluded on December 23. However, it ended with no rates being finalised. Speaking to media houses Finance Minister, Arun Jaitley said that he has been concentrating on drafting laws over the last few weeks.
The 7th meeting of Goods and Services tax concluded on December 23. However, it ended with no rates being finalised. Speaking to media houses Finance Minister, Arun Jaitley said that he has been concentrating on drafting laws over the last few weeks.
In the meeting, draft of compensation law has been approved, which needs to be approved by the Parliament. The draft law comprises of 197 sections and 5 schedules, which have been unanimously approved. Only a clause relating to dual control is still pending in the draft law.
On the other new developments, states will now be compensated 100 per cent for the loss in the next five years. According to some media houses, compensation would cost government around Rs 70000 to Rs 90000 crore. The council will meet again on January 3-4 to decide on dual control and IGST.
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