Mumbai March 18 (IANS) As the Goods and Services Tax (GST) system heads for a July 1 rollout Prime Minister Narendra Modi on Saturday said people should make efforts to discuss and understand the new indirect tax regime.
I want the entire country to discuss and try to understand GST Modi said here at the India Today Conclave through video conferencing.
In GST the entire process has been reached by consensus; the states have taken ownership. It is an example of cooperative federalism he added.
The GST Council has approved all five enabling draft bills -- UTGST (Union Territory GST) CGST (Central GST) IGST (Integrated GST) Compensation and SGST (State GST) -- to enable the rollout of the new system.
The draft bills now need to be approved by the Union Cabinet and tabled in Parliament s ongoing Budget session.
Meanwhile the SGST draft law will have to be approved by the assemblies of Delhi and Puducherry.
The UTGST draft law is meant for the union territories like Andaman and Nicobar Islands Lakshadweep Daman and Diu and Dadra and Nagar Haveli which do not have assemblies.
The GST system also has nine sets of rules and regulations out of which the Council has already approved five -- registration payment refund invoice and return.
Four other rules dealing with composition valuation input tax credit transitions are slated to be discussed in the Council s next meeting on March 31.
After March 31 the Council will take up the exercise of fitment of various commodities in the GST tax slabs of 5 per cent 12 per cent 15 per cent and 28 per cent.
--IANS
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Entire country should discuss, understand GST: Modi
