The GST council on Friday approved some of the rules that were required for the Goods and Services Tax (GST) regime from July 1. Addressing a press conference, Union Finance Minister Arun Jaitley who is chairing the GST council said that the Council had already given approval to amending the five rules on registration of entities under the GST regime: filing of returns, payment of tax and refund, invoicing and debit and credit notes in consonance with the GST law.

He said,”The four news rules of input tax credit, valuation, transition provisions and composition rules have been tentatively approved, will be put in public domain and in the next meeting will be taken up for consideration. The earlier five rules were already put up in public domain so there is no need of consideration again.”

“In the next GST council meet on May, besides these rules, rates structures in relation to individual commodities will  be take up for consideration. In the meanwhile, the officer’s committee will start working on the fitment of those rates,” Jaitley added.

The council headed by Jaitley will be organising their 14th meet on May 18-19 in Srinagar. #casansaar (IndianExpress)