Latest GK GS

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.



Latest Goods And Services Tax Updates

» GST may be delayed by a quarter to July 1 following preparations

» Securities excluded from GST Government revised three bills

» GST draft law to ensure benefits for consumers against GST tax

» General Knowledge: Steps to book tickets via SMS BOOK to 139

» Indian Railways new scheme to book tickets via SMS 139

» EPFO reduced interest rate to 8.65% during 2016-17 financial year