NEW DELHI: The GST Council, headed by Finance Minister Arun Jaitley and comprising representatives of all States, on Thursday approved crucial supporting legislations needed for implementation of the goods and service tax (GST) regime.
The panel, which had at its last meeting approved the final draft of central GST (C-GST) and integrated GST (I-GST) laws, approved the State GST (S-GST) and Union Territory GST (UT-GST) laws on Thursday.
Supporting GST laws would now be taken to the Cabinet and then to the Parliament for approval, Mr. Jaitley said after the Council meeting. For the purpose of empowerment, cap of cess on demerit goods on top of peak rate of GST has been kept at 15%, he added.
The GST Council would meet on March 31 for framing of rules for Goods and Service Tax regime, Mr. Jaitley said, adding that tax rates for various goods and services would be taken up after framing of rules. He also expressed hope that the GST would be implemented by July 1.