GST Council meet to finalise supplementary legislations

The GST Council will meet on 03/03/2017 to finalise supplementary legislations headed for Parliament.

The 11th meeting of the Council, which comprises the Union finance minister and state representatives, will discuss central GST (CGST), state GST (SGST), integrated GST (IGST) laws and finalise them. 

The Council meeting is scheduled for two days -- March 4 and 5 -- but it may not stretch beyond tomorrow if all issues get resolved. 

The GST Council in its meeting last month had approved a law to compensate states for any loss of revenue from implementation of the new national sales tax. But legal language of half-a-dozen provisions of CGST, SGST, IGST held up their approval. 

Parallely, the Council will get down to fixing rates of taxes for different goods and services by fitting them into the four approved slabs of 5, 12, 18 and 28 per cent. 

After the CGST law is approved by Parliament, the SGST law will have to be cleared by respective state legislatures.