Arun Jaitley briefs media on GST Council 7th meeting
( 22nd December 2016 to 23 December 2016 )
Outcome of GST Council 7th meeting
- 197 Section and 5 schedules approved
- Draft GST Law Approved by GST Council
- Legally vetted copy of GST draft to be circulated to the states
- CGST Law to be approved by Center Govt
- SGST Law to be approved by all the state Govt
- Compensation Law for loss to States will be approved by Center and Basic Draft has been approved
- Source of Compensation to states , language of law will be redraft and will be placed before next meeting of council
- Compensation will be payable to states every two months.
- Key Achievements
- No decision has been taken by Voting
- No decision has been taken by give and take – that you agree one of my suggestion and I will agree one of your suggestion
- Decisions are taken based on rational Arguments.
Issues Left after GST Council 7th meeting
- IGST Law : Two issues were involved
- What is Territory of the state
- Can the powers under the IGST law be shared with the state Govt
These issues are directly linked to the cross empowerment or Dual Control Issue.
- Dual Control and Cross Empowerment : There is One GST law, but there are two bureaucracy. therefore there needs to be decided who will Audit Assesses.
Legally vetted language of GST Law which will be placed in the next meeting
Next GST Council Meeting –
8th GST Council meeting to be held on on 03.01.2017 to 04.01.2017
Agenda of Eighth GST Council Meeting
- IGST Law Approval
- Dual Control and Cross Empowerment issue to be decided.
- Item wise GST rates will be simultaneously decided by the committee and will be placed in future GST Council meeting.