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GST Council likely to approve crucial SGST, UTGST bills on Thursday
The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley is expected to endorse the remaining two crucial bills — State GST (SGST) and Union Territory GST (UTGST) — on Thursday. The Council’s nod will act as another decisive step in the run up to the implementation of the overhauled tax regime from July 1. Final drafts of the three other bills — Integrated GST (IGST), Central GST (CGST) and Compensation bill — have been cleared by the Council.
A legal committee of the Council is finalizing the SGST bill and the draft is being circulated to the state assemblies for the final nod. Thereafter, all the five draft laws will be sent to the Cabinet for approval and subsequently to Parliament which is in session for final nod.