Goods and Services Tax (GST) Supporting Legislation

Vedavyas Ananthagiri
Manager – Finance & Tax

 

Cabinet has approved four Goods and Services Tax (GST) supporting legislation namely CGST, IGST, UTGST and Compensation Law. GST Council in its previous meeting had cleared the said laws. These legislations would now be tabled before Parliament as money bill and not finance bill this week.

Once approved by Parliament, the states would start taking their SGST bill for discussion and passage in the respective state assemblies.  The timely approval of these Bills by the Cabinet ensures that the industry would have reasonable time to peruse the details of law impacting them. As a corollary, the assessee will be better placed for implementation. It is hoped that all the State Assemblies clear SGST on time as well.

GST is expected to roll out from July 1 2017.

 

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