GST COUNCIL CLEARS THE CGST LAW AND IGST LAW
The 11th GST Council Meeting held at Vigyan Bhawan in New Delhi has concluded successfully with the approval of much awaited CGST and IGST Law. It has cleared the road for the date of implementation of GST in India from July 1, 2017.
The Draft GST law was made available on public portal in June, 2016 which was amended with the valuable suggestions and comments and thereafter brought the Revised Draft GST Law in November, 2016. The Draft Law was comprised of CGST (Central GST) Law, SGST (State GST) Law, IGST (Integrated GST) Law and Compensation to the States for loss of revenue Law. GST Council in its previous meeting has already approved the Compensation to the States for loss of Revenue Law held on February 18, 2017. Now today with the CGST and IGST Law getting approved as well, July 1, 2017; the date of implementation of GST in India seems to turn into reality.
Moreover, the SGST Law will be taken up by the GST Council in the upcoming meeting which will be held on March 16, 2017.