FM Jaitley announces approval of GST regime rules

Union Finance Minister Arun Jaitley on Friday announced the approval of the remaining rules of the Goods and Services Tax regime, adding that the fourteenth GST Council meet to discuss the rate structuring will be held on May 18 and 19 in Srinagar. He said that the four new set of rules will be implemented under the GST, which includes input tax credit, valuation, transitional provisions and composition rules. He added that the final corrected draft approved today will be put in public domain so that the industry can come up with changes, after which they will make amendments as required and incorporate the bill.