Moving a step closer to introduction of a new indirect tax regime, the GST Council on Saturday cleared the Central Goods and Services Tax (CGST) Bill and the Integrated GST (IGST) Bill, Delhi's Deputy Chief Minister Manish Sisodia told reporters.
The agenda of the meeting was to clear the Model GST Law and the IGST Bill before the second half of the Budget session of Parliament that begins on March 9. While the Model GST Law provides a common draft of Central GST (CGST) Act and State GST (SGST) Act, the IGST Bill includes provisions to tax inter-state supply of goods and services.
The Council, which was scheduled to meet on Sunday, has now decided to meet next on March 14-15, Jammu and Kashmir Finance Minister Haseeb Drabu said.
The government is keen to roll out the new regime from July 1 this year. The draft compensation bill has already been approved in the February 18 meeting.
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