Parliament passes four supplementary GST Bills marking the onset of the landmark one-tax-one-nation regime.The Rajya Sabha passed these four bills -The Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017 without any amendments and the government is ready to take off GST by July 1. Now a state GST bill will be presented in state assemblies for their approval.
The powerful GST Council, specifically set up for carrying out various functions about proposed GST law will be discussing the GST rates on May 18-19. As of now the Council,comprising of state finance ministers and chaired by Mr. Arun Jaitley, has suggested a four-tier tax structure of 5, 12, 18 and 28 percent. Further, a cess will be imposed on the highest slab on luxury and demerit goods to compensate states for revenue losses in the first five years after the implementation of GST.