Council clears draft law for compensating states' loss
Feb 19 2017
GST Council today cleared the draft Compensation Law aimed at compensating states for the loss of revenue from GST implementation.
"One major meeting of GST Council is required to give approval to putting goods and services in different tax slabs", added Jaitley.
It is essential that enabling laws for GST are passed in second half of Budget Session to ensure its rollout from July 1.
He added that legally vetted drafts for all important bills would be presented to the council next month, while states are expected to get the final draft of CGST and SGST on March 1.
According to a person familiar with the matter, a separate draft law for Union Territories would be drafted along the lines of the State GST Bill.
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.
"It will not come before the Council anymore and will be taken to the Cabinet for approval and will make efforts to pass it in the second leg of Budget session (beginning March 9)", he said. "After incorporating these clarifications, on March 4-5 meeting in Delhi, these laws will be cleared", Jaitley said.
While there was apprehension that the Council may approve a tough anti-profiteering clause in the GST bills, Jaitley said: "We did not discuss the anti-profiteering clause in this GST Council meeting".
Also read: GST: CAG wants power to seek "any information" for audits. Finance Ministers of various states attended the meeting. The last meeting of the council was held on January 16 wherein the states were allowed to tweak taxpayer division after consulting Centre. A sub-committee of the GST Council's made up of central and state officials had discussed the draft of Friday.
Feb 18 2017 Spain's Princess Cristina acquitted, husband jailed
King Juan Carlos I abdicated in 2014 under pressure for, among other things, going on an elephant hunting trip to Botswana. She took the stand in her defense in March 2016, saying she "didn't concern herself" with her husband's business affairs.
Feb 18 2017 Apple, Inc.'s First 2 Original TV Shows Are Almost Here
The winners stand to receive millions of dollars in funding and will have their apps featured in the App Store when they launch. The main concept of the show is to give app developers a chance to pitch their work to a jury of four celebrity entrepreneurs.
Feb 17 2017 Intel Community Denies Bombshell WSJ Report
A FURIOUS Donald Trump has accused Russian Federation of "taking" Crimea and rounded on his intelligence agencies amid a deepening scandal over his administration's alleged Moscow links.
Feb 15 2017 Girls, 11 and 12, shot in head in separate Chicago attacks
Williams spoke to EBONY.com while at the hospital's Intensive Care Unit where her little cousin remains on life support. One of the bullets struck Kanari in the right side of the neck, according to her family, shattering her spine.
Feb 13 2017 End goal of Turkey in Syria is Raqqa: Tayyip Erdogan
The town has been besieged since Monday, when government forces advancing from the south cut off a road leading into Al-Bab. The Turkish military said Turkey and Russian Federation were conducting a joint investigation into the bombing.