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20/03/2017 11:54am

GST implementation gets a step closer; Cabinet approves draft GST bills

image GST implementation gets a step closer; Cabinet approves draft GST bills

New Delhi, Mar 20 (KNN) In an effort to ensure that GST is implemented from July 1 this year, the Cabinet has reportedly approved four Goods & Services Tax bills.

The four bills are likely to be taken up by Parliament this week, and a separate state GST bill in state assemblies later.

The four supporting legislations -- the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST)-- would be introduced as Money Bill.

The GST Council, comprising central and state finance ministers, has already cleared all five draft laws - the Central GST, Integrated GST, state GST, Union territory GST and rules on compensating states for revenue losses.

While the S-GST has to be passed by each of the state legislative assemblies, the four other laws have to be approved by Parliament.

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