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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.

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