In order to achieve the April 1 target of the final GST rollout, the Goods and Services Tax (GST) Council chaired by Finance Minister Arun Jaitley has cleared the model GST law at the first day of the meeting and will discuss contentious issue of dual control of assesses at the second day of its ongoing meeting.
At the first day of meeting, the council has reached broad consensus on certain issues, apart from those that are related to dual control or territorial definition. The three GST bills such as Central GST (CGST), Integrated GST and State Compensation Law need to be approved by the Council before they can be tabled in the Parliament. The C-GST law refers to the central GST law, which will be complemented by state GST laws and an integrated GST law that deals with inter-state delivery of goods and services.
Though, a lack of consensus on the issue would make it impossible for the government to implement GST by April 1, 2017, but it is constitutionally mandated to implement it before September 16, 2017.GST, which is considered as the biggest tax reform since Independence, will subsume excise and service tax, and various other local levies including VAT and octroi.
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