GST panel clears few rules, to meet again in Srinagar on May 18-19

The Goods and Service Tax (GST) Bill would be taken up in Rajya Sabha on April 5 for discussion and passage. The GST Council approved the rest of the rules on Friday needed to roll out the regime from July 1.

The panel headed by Finance Minister Arun Jaitley will meet again on May 18-19 in Srinagar to finalise the rates of different commodities and services as also to approve the remaining ones.

Jaitley said the Council gave approval to amending the five rules on registration of entities under the GST regime, filing of returns, payment of tax and refund, invoicing and debit and credit notes in consonance with the GST law approved by Parliament this week.

Next GST Council meet will be held on 18th & 19th May in Srinagar: FM Arun Jaitley pic.twitter.com/ZsDvZoP9Wn

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These rules were cleared in the meeting of the Council in September and they were made in consonance with the Parliament approved law on Friday.

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Tentative approval was given to the remaining four rules of input tax credit, valuation, transition provisions and composition rules and the final approval will come in the next meeting to be held in Srinagar, he said. (With PTI Inputs)

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