The Centre and states on Saturday agreed on the broad contours of two crucial bills needed to roll out the country’s biggest reform by way of Goods and Services Tax (GST) possibly from July. The GST Council, headed by finance minister Arun Jaitley, approved the draft Central GST Bill and the draft Integrated GST Bill as vetted by the law ministry. The Bills have incorporated an “anti-profiteering” provision to ensure that the reduction of tax incidence is passed on to the consumers. Such taxes can be CGST, SGST, Union Territory Goods and Services Tax (UTGST) and IGST. • An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.

Source: Hindustan Times March 05, 2017 10:07 UTC