GST Council meet ends for today; CGST clauses finalised: Sources

The Goods and Service Tax (GST) Council meeting, which was chaired by Finance Minister Arun Jaitley ended for today. 

Along with Jaitley, state ministers were also present as members in this seventh meet.

As per the sources, the council finalised the Central Goods and Service Tax (CGST) clauses. CGST, is one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. CGST falls under Central Goods and Service Tax Act 2016.

"In today's GST Council meeting consensus reached on most of the clauses of Central GST draft law," sources said.

Another category, Integrated Goods and Service Tax (IGST) was also discussed during the meeting.

Tomorrow, the Council  will meet again at 11 am to discuss dual control and Compensation bill, the source said.

As many as 20 chapters of the model GST law cleared in its last meeting earlier this month. 

As consensus eluded the Council meeting, the subsequent GST legislations -- CGST, IGST and compensation law -- could not be introduced in the Winter session of Parliament that ended last week. This has threatened the April 2017 rollout target of the Goods and Services Tax (GST), as reported by PTI.