Jaitley said there were several
issues in terms of policy in relation to the draft GST legislations.
Finance Minister Arun Jaitley on
Friday said the scope for generation of black money will become difficult once
the Goods and Services Tax (GST) is implemented. Jaitley addressed a
post-Budget interactive session with Industry Associations at Vigyan Bhavan in
the capital today. “Draft bills on GST to be introduced in the second leg
of Budget session. My target is to finalise those drafts and take them in the
second part of budget session of Parliament,” said Jaitley, adding that there
were several issues in terms of policy in relation to the draft GST
legislations.
“Now the main policy issues (with regard to CGST and IGST) over
9 meetings have been put to rest. Final drafts are now being prepared and once
they are circulated with the legally vetted language, those drafts will have to
then go to Parliament and state legislature (for SGST) for approval.
read more....“We will meet on 18th of this month. Hopefully, my target currently is to finalise those drafts and take them in the second part of the budget session in Parliament,” Jaitley said. The GST Council has fixed the four-tier structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
read more....“We will meet on 18th of this month. Hopefully, my target currently is to finalise those drafts and take them in the second part of the budget session in Parliament,” Jaitley said. The GST Council has fixed the four-tier structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
Meanwhile, Revenue Secretary Hasmukh Adhia, who was also present
at the session, said that GST laws, rules to be finalised by March-end;
rates may be decided in May-June.
The GST, once implemented,
will be the biggest reform in India’s indirect tax structure since the economy
began to be opened up 25 years ago.(Source: http://indianexpress.com/