The Goods and Service Tax (GST) council headed by Finance Minister Arun Jaitley cleared the remaining State GST (SGST) and Union Territory GST (UTGST) draft bills during its 12 Council meeting.
In the past meetings, the Council has already approved CGST (Central GST), IGST (Integrated GST) and Compensation drafts bills. Now with this Council has approved all five draft bills for GST which is likely to be rollout by July 1, 2017.
The UTGST draft law is for the Union Territories like Andaman and Nicobar Islands, Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, which do not have legislative assemblies.
After March 31,2017 the Council will take up the exercise of fitment of various commodities in the GST tax four slabs structure which are 5%, 12%, 18% and 28%.
Source- The Indian Express