Finance Minister Arun Jaitley today announced that the Goods and Service Tax Council has cleared the Central GST (C-GST) and Integrated GST (I-GST) laws.
Speaking on the approval, Jaitley said,"The decision was unanimous and all the states supported it."
The the Jaitley-headed council's go-ahead for the crucial pieces of legislation brings the country closer to the largest tax reform that it has attempted.
"It (GST) looks on track. Subject to Parliament approval, it looks like the possible date of implementation of GST is July 1," Jaitley said after the 11th GST Council meet concluded here.
The Council had previously cleared the compensation draft bill and today's approval means that only two more laws - the State GST (S-GST) and Union Territory (UT-GST) - remain to be considered.
The S-GST and UT-GST laws will be on the lines of C-GST law, Jaitley said, added that the legal committee is giving finishing touch to drafts of these laws. The drafts will be put for approval on March 16 at the 12th meeting of the GST Council, Jatiley said.
The S-GST law will need to be approved by state assemblies, and its draft will soon be circulated among the states, the finance minister continued.
The CGST, IGST and UT-GST laws will be tabled in the Parliament during the second half of the Budget session, which begins on March 9, Jaitley added.
(With inputs from ANI)
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