Here comes an update from yesterday’s critical GST council meeting:
First of all, the meeting was not upto the expectations of the industry, as the critical point of approving the CGST, IGST and CGST law was postponed to next meeting. Other key updates are as follows:
- Compensation Law which will provides compensation for those states that incur losses because of implementation of the Goods and Service Tax (GST) in first five years was approved by the Council
- Approximately 53 key clauses got approved, rest will be taken up in coming meeting
- CGST, IGST and CGST law were not approved due to the legal language of multiple clauses, the same would be taken up in coming meeting
- Finance Minister (Mr. Jaitley) clarified that CAG would have rights under CAG Act to call for the revenue information of the GST Council anytime and hence CAG were not needed to provide any specific right in GST Law
- Classification of Goods and services under different rate slabs would be taken up in coming meeting.