Photo: ReutersNew Delhi: The goods and services tax (GST) council on Saturday gave its final nod to a bill that will guarantee compensation to the states in case of revenue losses arising from a transition to GST. However, the council did not give its final nod to the other three supporting legislations crucial for the implementation of this new indirect tax regime—the central GST (C-GST), the state GST (S-GST) and the integrated GST (I-GST) bills. These bills will now be taken up in the next meeting of the GST council on 4-5 March in New Delhi. These will be brought to the GST council and hopefully the GST council will approve these laws in the 4-5 March meeting,” said Jaitley. The passage of the C-GST, I-GST and compensation bills by Parliament in the second half of the budget session will be crucial for the rollout of GST from 1 July.

Source: Mint February 18, 2017 12:50 UTC