Finally, the GST council has taken the notable taxation regime to its completion state, as on its meeting at national capital saw each and every bill passed with consensus. The council was determined to clear the bills and after all the rigorous discussion the council passed the State GST and Union territory GST bills.
The council has given its consent over rules and regulations on registration, payments, refund, invoice, and returns and has taken some concern over its corrections which it will take as soon as more possible. In between the finance minister informed that the council will have its meeting again on March 31 which will approve the remaining regulations on composition, valuation, input tax credit and transitions.
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Now the remaining tasks in the completion of this overwhelmed taxation regime are that it has to seek cabinet approval for the central GST (CGST), integrated GST (IGST), UTGST and compensation bills while the state cabinet will go through the SGST bill and seek approval from the state assemblies. Finance minister Arun Jaitley said that “Once that is done, we will be ready for GST implementation We intend to immediately after March 31…take up the exercise of the fitment of slabs, We will have a sufficient buffer in terms of time between the entire preparatory exercise and July 1 date fixed for implementation.”
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Sachin Menon, national head of indirect tax at consultancy firm KPMG also mentioned that “This is a resounding reiteration from the government about their seriousness to introduce GST by July 1, Clearance of the model GST law is a warning bell for those who have not yet commenced their preparations for the introduction of GST. It will be too short a time for the industry for preparation if the states are not passing GST law latest by the second half of April.”
