After CGST (Central GST), IGST (Integrated GST) and Compensation drafts, the GST Council headed by the India’s Finance Minister Arun Jaitley has given its nod to State UTGST (Union Territory GST) and SGST (state GST). This has further paved the way for GST to become a reality on July 1.
“The 12th Council meeting approved UTGST and SGST. Officers had already done the groundwork, the drafts were already circulated. In the past meetings, the Council has already approved CGST (Central GST), IGST (Integrated GST) and Compensation drafts,” Finance Minister Arun Jaitley was quoted as saying.
The next GST Council meeting will take place on March 31 for approving rules and for placing goods and services in the 4-slab tax structure, said media reports quoting Jaitley.
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Textile industry, the second largest employer in the country after agriculture, hailed the passage of GST Amendment Bills. The industry is of the view that GST will pave way for the growth of economy and exports. For the sector, it appears to be an opportunity to bring the entire textile value chain under GST and benefit in the long run.