New Delhi: Finance Minister Arun Jaitley addressed the media after the GST Council meeting in New Delhi.
Here’s what he said:
“State GST law has to be passed in state assemblies, legal committee will finalise it in next 3 days & circulate to states.”
“July 1 looks possible for rollout of GST; cap rate will be kept at a higher rate; applied rate will be 5, 12, 18, 28 per cent.”
“UT-GST along with SGST will be on lines of CGST law; GST Council to consider them at March 16 meeting”
“CGST, IGST and UT-GST law to be taken to Parliament in the second half of Budget session beginning March 9.”
The GST Council meeting broadly agreed on the contours of two key legislations — CGST and IGST — but a final approval is likely only by mid-March. Jaitley met his state counterparts and discussed the GST legislation to be adopted by Union Territories, but there was no discussion with regard to the State GST Bill.
“As many as 26 changes sought by the states have been accepted by the Centre. This shows the federalist character of India. CGST and IGST will come up for further discussion at the next meeting of the Council in mid-March,” West Bengal Finance Minister Amit Mitra said.