Prime Minister Narendra Modi is meeting his Cabinet colleagues and senior party leaders today ahead of Wednesday's crucial debate in Parliament over the Goods and Services Tax (GST). The Modi government wants the GST Bill to roll out by the July 1 deadline. Conceptualised for the first time in 1999, GST is being described as the biggest taxation reform since Independence. Actual rates would, however, be a four-tier tax structure of 5, 12, 18 and 28 per cent as approved by the GST Council. The Council will meet again on March 31, and will finalise the rules and formats for the new indirect tax regime.

Source: India Today March 28, 2017 03:45 UTC