Online Broadband Guide
Online Broadband Guide


GST Council approves draft Compensation Bill; to next meet in March

GST Council approves draft Compensation Bill; to next meet in March

Finance Minister Arun Jaitley, who heads the Goods and Services Tax (GST) Council, addressed a press conference after the panel met in Udaipur, Rajasthan.

According to ET Now, the Council has approved the draft Compensation Bill which the government hoped soon it would be able to table it in Parliament.

"In Budget Session's second half (that begins on March 9), all enabling laws under GST constitutional amendment should get approved", he added.

Passage of the bills at the earliest will be imperative for the government to meet its revised GST implementation deadline of 1 July 2017. He said the bill will be put before the cabinet for approval.

Some of the issues included the eligibility of membership to the appeal tribunals in the Centre and states, the delegation of powers, the exemptions that can be given during the transition phase, the treatment of work contracts where service tax and VAT is applied, and issues related to the definition of agriculture. This, he said, would require one more major meeting of the Council to give its approval to the specific items in each of the slabs.

The Centre and states failed to agree on the details of two bills crucial to triggering a Goods and Services Tax (GST) on Saturday, which possibly clouds the roll out of the country's biggest tax reform from July.

Jaitley said after that the next step will be to slot commodities under the GST tax slabs.

Also read: GST: CAG wants power to seek "any information" for audits. The meeting would be headed by Union finance minister Arun Jaitley and attended by finance ministers of various state and their representatives.

Officials said only minor legal vetting of the draft laws is left which after getting the language legally right will be circulated to states by March 1.

follow

editors' picks

February 19, 2017
It Was A Bad Night For Marcus Smart
He's become such a good playmaker for himself and his teammates that it lessens his impact when he's forced to play off the ball. Speaking on ESPN's First Take, the 2015 Most Improved Player said the one player he would like to play with is Kyrie Irving.

February 18, 2017
Powerful storm prompts flood, surf, and wind warnings in SoCal
High wind warnings have been issued for portions of San Bernardino and San Diego counties. "The storm looks to be the strongest storm to hit southwest California this season".

February 16, 2017
PewDiePie's 'Anti-Semitic Video' is Still on His YouTube Channel
All this would likely put a dent in Pewd's income, but he's still allowed to monetize videos through the usual ways on YouTube. I think of the content that I create as entertainment, and not a place for any serious political commentary.

February 16, 2017
Real Madrid Vs. Napoli Live Stream
Defender Nacho Fernandez said that no players can lose at Real Madrid now that Coach Zinedine Zidane is a part of the team. Hardly a realistic prospect considering they have only kept one clean sheet in their last 10 Champions League away games.

February 14, 2017
Mexicans unite against Trump calling him a "menace"
Marchers were met with a heavy police presence at the rally but there were no reports of violence. Other Mexican cities also hosted anti-Trump marches Sunday.

February 14, 2017
Zverev downs Gasquet for Montpellier title
This included their rakings with Zverev (World No. 21) ranked a spot higher than Gasquet (World No. 22). He squandered all three with several loose errors but gained a fourth match point thanks to an ace.

February 12, 2017
Watch Piers Morgan Get Owned For Defending President Trump's Travel Ban
Piers Morgan had an eventful appearance on the HBO show " Real Time " that made for some interesting moments. But it wasn't long before Morgan spotted Rowling's tweet , firing back his own retort.

February 11, 2017
The Lego Ninjago trailer hints at another block-filled blockbuster
The Lego Movie made $469m worldwide while analysts are expecting The Lego Batman Movie to open with $60m this weekend. A host of comedy writers contributed to the screenplay as well, so the jokes are densely packed and fast and furious.

February 09, 2017
Sony Announces 3-Layer Stacked CMOS Image Sensor with DRAM for Smartphones
Now, Sony has laid the foundation down for super slow-motion, announcing a new smartphone sensor capable of shooting at 1000fps. Sony might not be your favorite smartphone maker, but the company surely rules supreme when it comes to image sensors.

February 08, 2017
DeVos nomination confirmed by unprecedented tie-breaking vote
The aim of a marathon floor debate is to raise all the issues and concerns about DeVos, a major Republican donor from MI . The Senate confirmed Betsy DeVos as education secretary on Tuesday after Vice President Pence cast the tiebreaking vote.