Outcome of GST Council’s Tenth meeting held on 18th February, 2017
GST Council met on 18th February, 2017 for finalizing the draft GST law. Summary of the discussion in the tenth GST Council meeting is as under:
- Council has cleared draft GST compensation bill. The same will be brought in next session of Parliament.
- Certain provisions of CGST, SGST, IGST bill has been cleared. Pending provisions will be discussed and cleared in the next council meeting.
- The Council also cleared the final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers. The anti-profiteering clause allows for the constitution of an authority that examines whether input tax credits availed by any registered taxable person, or the reduction in the price on account of any reduction in the tax rate, actually result in a commensurate reduction in the price of the said goods and/or services supplied by the person.
- Government plans to introduce the Model GST law in Parliament in this Budget Session beginning next month. The government is keen to roll out the new regime from July 1 but for that, it will have to get two laws – the Central GST (CGST) Act and Integrated GST (IGST) Act — approved by Parliament and each of the state legislative have to pass the State GST (SGST) Act.
- The next meeting will be held on 4th & 5th March, 2017.