Home / Knowledge / News / Textiles / GST Council clears SGST and UTGST legislations
GST Council clears SGST and UTGST legislations
17
Mar '17
The Goods and Services Tax (GST) council headed by Union finance minister Arun Jaitley has cleared the State GST (SGST) and Union Territory GST (UTGST) draft bills. These two legislations will go to the Cabinet for an approval along with the GST compensation law before the Council presents them in Parliament in the ongoing Budget session.

The government hopes to get Central GST (CGST), Integrated GST (IGST), UTGST and the compensation law approved during the current Parliament session in order to roll out GST from July 1. The SGST needs to get a clearance from state legislatures.

The next GST Council meeting will take place on March 31 for approving rules and for placing goods and services in the 4-slab tax structure, said media reports quoting Jaitley.

As for the cess on demerit goods, it has also been capped at 15 per cent. It will be levied on luxury goods and aerated drinks that come under the 28 per cent slab of the tax structure.

The cess on luxury goods will help compensate states for the loss of revenue due to GST implementation for the first five years and it could be lower than the cap as the Council has considered keeping a little headroom for future requirements, said Jaitley. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

Top 15 US fashion brands are collectively worth $70 bn

Fashion | On 22nd Jul 2018

Top 15 US fashion brands are collectively worth $70 bn

The top 15 American fashion brands are collectively worth close to...

Courtesy: Covestro

Textiles | On 22nd Jul 2018

Covestro's new products for waterproof textile coating

Covestro, which is among the largest polymer companies, has unveiled...

Evogene, IMAmt to work together in insect resistance

Textiles | On 22nd Jul 2018

Evogene, IMAmt to work together in insect resistance

Evogene, a leading biotechnology company developing novel products...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search