The government hopes to get Central GST (CGST), Integrated GST (IGST), UTGST and the compensation law approved during the current Parliament session in order to roll out GST from July 1. The SGST needs to get a clearance from state legislatures.
The next GST Council meeting will take place on March 31 for approving rules and for placing goods and services in the 4-slab tax structure, said media reports quoting Jaitley.
As for the cess on demerit goods, it has also been capped at 15 per cent. It will be levied on luxury goods and aerated drinks that come under the 28 per cent slab of the tax structure.
The cess on luxury goods will help compensate states for the loss of revenue due to GST implementation for the first five years and it could be lower than the cap as the Council has considered keeping a little headroom for future requirements, said Jaitley. (KD)
ALCHEMPro News Desk – India
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