The prospects of a 1 July rollout of the goods and services tax (GST) brightened further on Friday.
The thirteenth meeting of the GST council signed off on the rules that will form the basis of the implementation of the singular tax reform. This leaves the council with only the time-consuming work of fitting the various goods and services into tax slabs.
Earlier this week, the Lok Sabha cleared the last batch of supporting legislation crucial for the implementation of GST. The Rajya Sabha is expected to take up these bills—tabled as money bills—next week for consideration.
The council finalized five sets of rules relating to registration, refunds, returns, payment and invoice debit and credit. It also gave its tentative nod to four more sets of rules dealing with input tax credit, valuation, transitional provisions, and the composition scheme. The prospects of a 1 July rollout of the goods and services tax (GST) brightened further on Friday.
The next meeting will be held on 18-19 May in Srinagar where besides these rules which will be given final approval, the rate structure in relation to individual commodities will be taken up for consideration