GST Council to decide on rates in May

The goods and services tax (GST) Council on 31st March cleared rules on five aspects of the new indirect tax regime and tentatively approved four sets of norms. 

The five sets of rules the Council cleared are on registration, returns, payment, refunds and invoices. They were approved earlier, too, but were changed in bits and pieces to bring them in sync with the four Bills cleared by the Lok Sabha. 

The Council’s next meeting on May 18 and 19 in Srinagar will take up the four sets of norms (tentatively approved on Friday, 31st March) and item-wise rates. This will leave six weeks for businesses to prepare for these changes before the planned roll-out on July 1.