The government plans to get the GST Council’s approval on iGST (integrated GST), cGST (central GST) and sGST (state GST) drafts at its March 4-5 meeting before the second half of the budget session of Parliament begins on March 9.
The draft compensation bill has already been approved in the council’s February 18 meeting.
The draft laws passed by the Council will have to be passed by Parliament. Simultaneously, sGST will have to be passed by state legislatures.
The four bills form the enabling laws under the GST constitutional amendment.
Each item has to be fitted under a particular slab. After the March 4-5 meeting, GST officers will do the slotting.
CA Madhuresh Agrahari