GST council meet took place on Saturday in Udaipur, wherein the Draft Compensation Bill was approved. Finance Minister Arun Jaitley said that they plan to bring the GST bill in the second phase of Budget session which begins on March 9. That would lead to speedy implementation and the state assemblies could also discuss the provisions of the bill then. It has been glorified as an amalgamation of all indirect taxes to be paid on sale, manufacture and consumption of goods and services on a national level. Additionally, it is said to be an initiative that would simplify monitoring and collecting indirect taxes, owing to the fact that post its incorporation, indirect taxes would all fall under a single bracket.

Source: dna February 18, 2017 13:41 UTC