The Union Cabinet will be holding a meeting on Monday to take the next step required in the implementation of the GST Act in India. The cabinet will decide about the GST council which is an important part of the GST regime. The council will set the GST rates for the different sectors functioning in the country. Over 17 states have already ratified the bill along with President’s nod, the bill is one of the top priorities of the govt.
The government has also notified the Constitution (101 Amendment) Act, 2016, with effect from September 12. The law will help the government in establishing the GST Council, an entity of centre and states that will provide details of the single tax.
The government is all set to roll out the GST as per the proposed deadline i.e, April 1, 2017.
Finance minister Arun Jaitley has assured that the govt is trying its best to implement the GST in the better-known way. The GST will replace the indirect taxes with single tax which will prevent the cascading effect.
