GST panel’s crucial meet on Tuesday

An Empowered Committee of State Finance Ministers is scheduled to meet on Tuesday in New Delhi to finalise the model legislations that have to be approved by state legislatures for rollout of the Goods and Services Tax (GST), reports media.

Although hopes have dimmed for GST to roll out from the proposed April 1, 2016 with the Centre dropping the idea of convening a special session, the Empowered Committee has decided to continue preparatory work.The panel is headed by Kerala Finance Minister K M Mani.

The two legislations — Central GST– will have to be approved by respective state legislatures for a nation-wide rollout of the single rate GST.

Besides, another legislation — integrated GST — would also have to be adopted by the states.

Once the GST Constitution Amendment Bill is cleared by Parliament, the draft legislations will be put up in the public domain and views of the trade and industry will be sought.

The CGST will be a central law and the states would have to pass their own legislations that will be based on the model legislation being prepared by the Centre.

States would also have to approve iGST, which will deal in inter-state movement of goods and services