Five sets of GST draft rules approved by Council: Finance Minister
agencies
New delhi /
Five sets of draft rules relating to registration, payments, returns and refunds under the Goods and Services Tax (GST) regime were approved by the GST Council here on Friday, Finance Minister Arun Jaitley said.
Briefing media after the meeting here, Jaitley said the big task of GST rates, service tax assessments and compensation for the states remained yet unresolved and will be decided in the Council`s next meeting on October 18-20.
"Rules for registration, payments, returns, refunds approved by Council," Jaitley said adding, "rates would be the big item to be discussed in next meet. Discussion regarding service tax assessments, states` compensation will also continue in next meet."
This was the second meeting of the Council, the first one was held on September 22.
Jaitley further said the government is working on a target date of April 1, 2017 for the rollout of Goods and Services Tax, and the first meeting of the GST Council was held in a “very cordial and constructive environment.”
In his opening remarks at the fourth meeting of the Parliamentary Consultative Committee meeting here, he said the government so far is following the road map for implementation of GST “as per the schedule.' The subject of meeting was GST, an official release said. Jaitley said that till September 16, 2017, one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the central government to levy excise duty on manufacturing, and service tax on the supply of services.
Similarly, the Constitution Amendment Act empowers the state governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time September 16, 2016. The Finance Minister further said that the first meeting of the GST Council was held in a very cordial and constructive environment earlier this month. The GST Council is a joint forum of the Centre and the States. The Council will take decisions on important issues like tax rates, exemption list and threshold limits. Members of Consultative Committee sought various clarifications with regard to GST Law and gave suggestions for its better implementation.
