Moving a step closer to the rollout of the country’s largest tax reform, the Goods and Services Tax (GST) Council on Friday March 31,2017 approved five of the rules for the levy and also gave its tentative nod to four other rules.
“The Council took up four new sets of GST rules relating to input tax credit, valuation, transitional provisions and composition. These have been tentatively approved by the Council and the final approval will be given after they are put up in public,” said Finance Minister Arun Jaitley after the 13th round of meetings of the Council.
A senior government official said the four draft rules will be released for public comments by Saturday.
The Council also cleared five set of rules relating to refunds, registration, invoices, payments and processes, after incorporating some fresh amendments following the passage of enabling legislations for Central, UT, Integrated GST and compensation in the Lok Sabha.
These rules were cleared in the meeting of the Council in September.
“Of the total nine set of rules, five have now been corrected and have become final, while four new rules have been tentatively cleared,” said Jaitley, who chairs the Council.
The Centre and States will now meet on May 18 and 19 in Srinagar to approve the rate structure for individual commodities and services, Jaitley said.
In the interim, over the next one and a half months, a committee of officials will work on fitment of commodities into the pre-decided four tier rate structure of 5, 12, 18 and 28 per cent.
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