Revealing the final date of Goods and Services Tax (GST) implementation, Union Finance Minister Arun Jaitley on Saturday said the Bill is on track and it will be implemented by July 1.
“GST Council has cleared the final draft of Central Goods and Services Tax (C-GST) and Integrated Goods and Service Tax (I-GST) law,” Jaitley said, adding “It will be implemented by July 1”.
“Approval of draft of state-GST (S-GST) which is to be cleared by state assemblies is on the anvil,” Jaitley said.
“UT-GST along with SGST will be on lines of CGST law; GST Council to consider them at March 16 meeting,” he added.
Meanwhile, talking about passing the Bill in Parliament, Jaitley said, “C-GST, I-GST and UT-GST law will be taken to Parliament in the second half of Budget Session beginning March 9”.
However, Jaitley added that the “cap rate will be kept at a higher rate and applied rate will be 5, 12, 18, 28 per cent”.
(Getty Images)
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