CGsT and IGsT Bills Approved by GsT Council (Download PDF)

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Goods and Services Tax Council meeting held in Vigyan Bhawan in New Delhi under. The meeting held under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri Arun Jaitley.

CGsT and IGsT Bills Approved by GsT Council
  • He has approved Such taxes:
    • Draft Central Goods and Services Tax (CGST) Bill
    • Draft Integrated Goods and Services Tax (IGST) Bill
  • Bills as vetted by the Union Law Ministry.

Highlights

  • Approved the CGST law and the IGST law.
  • States wanted 26 minor changes.
  • Centre will collect identical rates of taxes on goods and services.
  • IGST mechanism has been designed flow of input tax credit from one state to another.
  • Structure - 5,12, 18 and 28 % along with a cess on luxury and β€˜sin’ goods such as tobacco.
  • Final peak rate to 40 % instead of the current 28 % .
  • Turnover of less than β‚Ή 50 lakh per annum.

About GST

  • GST is administered & governed by GST Council
  • Chairman of Union Finance Minister of India is Arun Jaitley.

Key Features of the draft CGST/IGST Bills

Image Shows Key Features of the Draft CGsT/IGsT Bills

GST council clears CGST and IGST laws

  • GST council in its 11th meeting in New Delhi approved the drafts of the central GST law (CGST) and the integrated GST (IGST) law.
  • Work will start on fitment of goods and services into the various rate structures.
  • IGST law, the CGST law, the UTGST law and the bill to compensate states for revenue losses arising from a transition to GST.
  • A decisive step towards implementation of GST from July 1 this year.

- Published/Last Modified on: March 16, 2017

Policy/Governance

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