Following the Centre’s termed in approval of four supplementary bills related to the Goods and Service Tax (GST) that would bring India under ‘one country, one tax’ regime, Minister of State for Finance Arjun Ram Meghwal on Thursday asserted that the GST’s council meeting will discuss various limits on commodities. “GST’s council meeting on June 3 will discuss various limits on commodities. Currently, this is a temporary phase which will decide the India’s growth. According to International Monetary Fund (IMF) report, the Gross domestic product (GDP) of India shall grow and will also compete with other developed countries. This is the estimation of international organisations; where we shall cross the economy of developed countries by 2030,” Meghwal told the media.
Four Bills were passed on March 29, after the Centre did not approve amendments moved by the opposition parties. Among the Bills that were passed are The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017.
Finance Minister Arun Jaitley yesterday said the passage of the Bill in the House was history is in the making, adding that the country will witness transforming into a new system of indirect taxation. Jaitley further informed that the other subordinate legislations will also be considered by the GST Council on March 31 and once that is approved, the principal task would remain fixing of tariff against every commodity for which a formula has already been devised.