Hoping to implement GST from July 1: Arun Jaitley
NEW DELHI: Finance Minister Arun Jaitley on Wednesday said that the government was hoping to implement the Goods and Services Tax (GST) by July 1, after the enabling Bills get Parliament nod in the current budget session.
“GST is the biggest reform in India. Hopefully, GST will be implemented by July 1. GST Bills will hopefully be cleared in Parliament,” Jaitley said in New Delhi at the 23rd Conference of Auditors General of Commonwealth Nations hosted by the Comptroller and Auditor General (CAG) of India.
On Monday, the Union Cabinet approved four Goods and Services Tax (GST) related bills which had already been approved by the GST Council after detailed discussions.
The draft legislations included Central Goods and Services Tax (CGST) Bill 2017, Integrated Goods and Services Tax (IGST) Bill 2017, Union Territory Goods and Services Tax Bill (UTGST) 2017, and Goods and Services Tax (Compensation to the States) Bill 2017.
All four bills were approved by the GST Council after thorough, clause by clause discussion over 12 meetings held in the last six months.