Inching a step closer to the roll-out of the country’s most ambitious tax reform, the Centre and States approved the model draft Bills for Centre and Integrated goods and services tax (GST).
The Council has also included a revised peak rate of 20 percent under GST, instead of the earlier 18 percent. This would mean that the total incidence of the tax could go as high as 40 percent.
The next meeting of the Council will now be held on March 16, when it will finalize the draft Bills for State and Union Territory GST. In its last meeting held in Udaipur on February 18, the GST Council had approved the draft Compensation Bill.
Source- The Hindu