Updated By: LatestGKGS Desk
Centre and State government clears model tax laws in GST Council
The GST Council headed by Finance Minister Arun Jaitley clears model tax law in states and Centre on Thursday
Lack of compromise in the issue will make it impossible for the government to implement GST tax from 1st April 2017.
The Goods and ServiceTax will be levied on the centre for intra-state supply of goods and services to be known as Centre Goods and Service Tax (CGST) and the tax levied on State GST will be known as SGST.
GST to be implemented in Centre as Centre GST and State as SGST
The centre and state GST will be levied simultaneously on every transaction of the supply of goods and services except exempted goods and services.
The Finance Minister Arun Jaitley in the council meeting repeated that Government does not have much time and GST must be implemented by September 2017.
