Feb '17
Compensations will be provided to the states for the first five years after the GST roll out. The law will be presented in Parliament for approval during the second half of the Budget session that starts on March 9.
After approving the laws, the Council will begin deciding rates for various goods and services by placing them into the pre-decided slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent, said media reports quoting finance minster Arun Jaitley.
The Centre and states will levy CGST and SGST, respectively, while the IGST will be levied on goods and services exchange between states. Indirect taxes like central sales tax CST, central excise duty and service tax will come under CGST, while entertainment tax, luxury tax, VAT and state sales tax will be merged with SGST.
The Council agreed on the enabling laws, but the approval was held up due to the legal language of some of the clauses, added Jaitley. About 53 clauses have already been approved.
Jaitley hopes that CGST and IGST also goes to Parliament for approval during the month-long Budget session.
As for the SGST, it needs to be approved by all the state legislative assemblies.
The anti-profiteering clause included in the draft law, which ensures that benefits from lower taxes are shared with end users, was not discussed in the meeting.
Merely minor legal vetting of the draft law is remaining and it will be circulated to the states after getting its legal language right, said the officials. The circulation is likely to begin by March 1.
A UTGST law, similar to the SGST, will also be formulated for the Union Territories. (KD)
Fibre2Fashion News Desk – India
Must ReadView All
Textiles | On 21st Apr 2018
ITC, ICS tie up to help Moroccan textile value chain
The International Trade Centre (ITC) has partnered with ICS, which...
Apparel/Garments | On 21st Apr 2018
Bangladesh garment manufacturers call for fair pricing
Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...
Textiles | On 21st Apr 2018
Pak ministry proposes extension to PM package for 2018-19
Pakistani textile ministry has reportedly proposed extending the...
Interviews View All
Yash Maniyar
Rekha Maniyar
Indian fashion market is growing at a staggering rate
Rahuul Jashnani
Jashn
‘Online economy has changed the whole dynamics of buying habits.’
Sunil Kumar Sharma
Loknayak JPNSSSG Ltd
'The blend of cotton–linen yarn has high demand in the domestic and...
Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...
Sushila International, a well established textile organisation established ...
Established in 1956 with a small beginning, Embee today manufactures a...
Johan Berlin
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
Lynda Kelly
Suominen Corporation
Suominen Corporation is a manufacturer of nonwovens as roll goods for...
Silke Brand-Kirsch
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
Karan Arora
Karan Arora
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
Ritu Kumar
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
Akta Adani
India Boulevard
India Boulevard is a San Francisco-based curated fashion marketplace that...
Leave your Comments
Recommended
Want to know what happened in the textile world this week? Watch now!
news category
Related Categories:
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
Yes No SkipActive Poll
Do you see sustainability as a route to business growth?
YesTotal Votes: 103
Do you think adopting a sustainable approach will be a profitable move for your business?
Yes No SkipActive Poll
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
YesTotal Votes: 103
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
Yes No SkipActive Poll
Do you think adopting a sustainable approach will be a profitable move for your business?
YesTotal Votes: 103
Thanks for your valuable feedback. Claim your free latest sustainability e-book.
Active Poll
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
YesTotal Votes: 103
E-News Insight
Latest News Update in Your Mail Box.
