GST Council Meet: Finance Min Step Closer To Draft Bill

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New Delhi: India’s finance ministry and state finance officials have broadly agreed on the draft of the national sales tax and are making “reasonable headway” on a few contentious issues, Finance Minister Arun Jaitley said on Friday.

They will meet again for two days from January 3, Jaitley told reporters, but did not clarify whether the country could meet the self-imposed deadline of April 1 for the launch of Goods and Services Tax, the country’s most ambitious tax reform as yet.

“I am trying my best,” he said when asked about the April roll out of the tax. “I am not going to bind myself with anything. Our effort is to do it as quickly as possible and I think we are making a reasonable headway,” Jaitley said.

However, GST Council meet failed to arrive at any consensus on dual control issue. Center Goods & Services Tax (CGST) and State Goods & Services Tax (SGST) will be a reflection of one another. States will be compensated 100 per cent loss for 5 years,” Jaitley said while announcing that the council has also approved Central GST and State draft laws.

 

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