The Centre and states failed to agree on the details of two bills crucial to triggering a Goods and Services Tax (GST) on Saturday, which possibly clouds the roll out of the country’s biggest tax reform from July. The two legislation – the Central GST and Integrated GST bills – deal with the Centre’s powers to replace excise duty and service tax with the GST. “The draft Compensation Bill has been approved in the GST Council meeting. On March 4-5, the legally vetted drafts for all important bills will be presented to the Council,” Jaitley said after the 10th GST Council meeting. Jaitley earlier indicated that the GST roll out might be deferred to July against an earlier deadline of April, 2017.

Source: Hindustan Times February 18, 2017 17:32 UTC