“Legally vetted draft of GST Compensation Law approved by GST Council; to be taken to Parliament in 2nd half of Budget Session next month. One major meeting of GST Council will be required to give approval to putting goods and services in different tax slabs,” said Jaitley. The government is keen to roll out the new regime from July 1 but for that, it will have to get two laws – the Central GST (CGST) Act and Integrated GST (IGST) Act –approved by Parliament and each of the state legislatives have to pass the State GST (SGST) Act. The model GST law provides a common draft of CGST Act, SGST Act. Besides, there is an IGST law and Compensation law.

Source: Indian Express February 18, 2017 12:36 UTC