The GST Council at a meeting today broadly agreed on the contours of two key legislations - CGST and IGST - but a final approval is likely only by mid-March.
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Union Finance Minister Arun Jaitley<\/a> met with his state counterparts today and discussed the GST legislation to be adopted by Union Territories, but there was no discussion with regard to the State GST Bill<\/a>.
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\n\"It (GST) looks on track. Subject to Parliament approval, it looks like the possible date of implementation of GST is July 1,\" Jaitley said after the 11th GST Council meet.
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\"As many as 26 changes sought by the states have been accepted by the Centre. This shows the federalist character of India<\/a>. CGST and IGST will come up for further discussion at the next meeting of the Council in mid-March,\" West Bengal Finance Minister Amit Mitra said.
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\nMitra further said both the Centre and states have agreed to provide a composition scheme to dhabas and small restaurants.
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\n\"States were seeking that dhabas and small restaurants can adopt the composite scheme. The Centre has agreed to that and now these small businesses will pay 5 per cent tax (to be shared equally between the Centre and states),\" Mitra said.
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\nDelhi Deputy Chief Minister Manish Sisodia said the central GST and integrated GST legislations have been broadly agreed upon at the Council meeting today.
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\"Real estate<\/a> should be brought under GST. Everybody knows that a lot of blackmoney finds its way into real estate and bringing real estate under GST will help in curbing black money,\" Sisodia said.
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\nJammu & Kashmir Finance Minister Haseeb Drabu felt that \"some minor editorial changes\" are required in the legislations and they have to be sent to the legal department again.
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\nMitra further said IGST, which relates to taxation of inter-state transfer of goods, the legislation will provide for cross empowerment of state and central officers.
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\n\"It has been agreed that there will be cross empowerment of states. Also, we did not want this as a notification, we wanted in the Act so that never in future can another council come and say states won't have power,\" Mitra stressed.\n\n<\/p><\/body>","next_sibling":[{"msid":57461500,"title":"GU campus to be free Wi-Fi zone from April 1","entity_type":"ARTICLE","link":"\/news\/gu-campus-to-be-free-wi-fi-zone-from-april-1\/57461500","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":57466351,"entity_type":"ARTICLE","title":"July reality for GST! Centre, states broadly agree on key provisions","synopsis":"Arun Jaitley met with his state counterparts and discussed the legislation to be adopted by UT, but there was no discussion on State GST Bill.","titleseo":"telecomnews\/july-reality-for-gst-centre-states-broadly-agree-on-key-provisions","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"Agencies","artdate":"2017-03-04 17:54:13","lastupd":"2017-03-04 17:56:34","breadcrumbTags":["Arun Jaitley","GST Bill","policy","India","real estate"],"secinfo":{"seolocation":"telecomnews\/july-reality-for-gst-centre-states-broadly-agree-on-key-provisions"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2017-03-04" data-index="article_1">
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