The central GST (CGST) will be framed based on the model GST law. “The meeting on June 14 and 15 will discuss the model GST law, which will be adopted by the Centre and all states. The states will draft their own state GST (SGST) based on the draft model law with minor variations incorporating state-based exemptions. New Delhi: Amid hopes of long pending Goods and Services Tax (GST) bill getting passed in Rajya Sabha in the next Parliament session, state finance ministers will deliberate on the model GST law at a two-day meeting in Kolkata beginning Tuesday. The reform of the indirect taxation was initiated by the Kelkar committee in 2003, following which the UPA government in 2006 proposed the GST Bill.

Source: Mint June 12, 2016 06:56 UTC