Thursday, August 11, 2022
HomeGeneralUnion Cabinet okays GST supplementary and compensation bills

Union Cabinet okays GST supplementary and compensation bills

New Delhi: The Union Cabinet on Monday okayed the GST (Goods and Services Tax) supplementary (IGST, UTGST, CGST) and compensation bills.

"The meeting has remained incomplete. Discussions will continue on November 25," Finance Minister Arun Jaitley told reporters after the meeting.
Finance Minister Arun Jaitley.

Post approval, the bill will be introduced in Parliament as the government sprints to meet the July 1 target date for rollout of the new indirect tax regime.

A set of four supporting legislations — the Compensation Law, the Central-GST or C-GST, Integrated-GST or I-GST and Union Territory-GST or UT-GST – went together to the Cabinet for approval.

The GST Council, in its previous two meetings, had given approval to the four legislations as also the State-GST (S-GST) bill.

Once approved, levy of Goods and Services Tax (GST) will get legal backing.

According to reports, the government may attempt for all the four laws to be taken up for approval in Parliament together during the ongoing Budget session that ends on April 12.



Lateset News

Most Popular

%d bloggers like this: