Photo: Priyanka Parashar/MintThe Goods and Services Tax (GST) Council, at its meeting on 3 June in Delhi, approved GST tax rates on the remaining goods and important rules pertaining to returns and transition provisions. The council was able to recommend draft legislations pertaining to Central GST, State GST, Union territory (UT) GST, Integrated GST and compensation to the states for loss of revenue, and a number of GST-related rules in a few meetings. The Indian GST reform will get etched in history, not only for the immense benefits that will accrue to all stakeholders, but also for its boldness and unique design. Secondly, Indian GST will have a unique Integrated GST mechanism to monitor inter-state trade of goods and services. Arun Goyal is an IAS officer and presently working as additional secretary in the GST Council.

Source: Mint June 05, 2017 18:45 UTC