The Goods & Services Tax (GST) Council today approved structure of Central Goods & Services Tax (CGST) and State Goods & Services Tax (SGST) laws in today’s meet.
The Council began its two-day meet today and is expected to take up discussions on IGST and Compensation Law in its meeting tomorrow, government officials said.
The officials added that 3-4 clauses relating to dual control and definition of state are yet to be decided.
In its meeting today, the Council had 4 meetings on CGST and SGST Laws and discussed 197 clauses.
MS Mani, Indirect tax expert at Deloitte said that clearing CGST is a positive step in the GST process. Demonetisation and GST both are directed towards pushing unorganized sectors into organised, Mani added.
Demonetisation will lead to drop in revenues, but many sectors have began recovery in December already, said Harishanker Subramaniam, Indirect Tax Leader, EY.
Progress in CGST is a certain positive.
The Council will meet next on January 8.