President gives Assent to GST Legislation
The President of India has given assent the following legislations on Goods and Services Tax (GST), paving the way for early roll out of GST.
1. The Central Goods and Services Tax Act, 2017
2. The Integrated Goods and Services Tax Act, 2017
3. The Union Territory Goods and Services Tax Act, 2017
4. The Goods and Services Tax (Compensation to States) Act, 2017
The Acts have been published in the Gazette of India on April 12, 2017.
The next legislative agenda is for the States to pass the State Goods and Service Tax Act of the respective States.
As already announced the GST Council is scheduled to meet on 18th and 19th May 2017 in Srinagar when the draft Rules already circulated it is expected to be approved. Besides the GST Council would also be discussing the fitment of Goods and Services in the agreed slab rate of tax of 5%, 12%, 18% and 28%, which the officials are working on
Date : April 13, 2017