GST Council to meet today to finalise supplementary legislations
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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. The council also discussed the final drafts of legislations on the CGST, SGST and IGST. Finance Minister Arun Jaitley had said that all the states have agreed over the most of the points of the model GST law.
After the CGST law is approved by Parliament, the SGST law will have to be cleared by the respective state legislatures. GST will replace a plethora of central and state taxes. The new tax regime is a consumption-based system under which tax will be levied on sale, manufacturing and consumption of goods and services at the national level. #casansaar (NewsonAir)
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