GST council clears almost all rules, except for remaining four

To meet the July 1 target of GST roll out, the council has approved five amended rules for the Goods and Services Tax regime and gave “tentative” nod to the remaining four. The final nod to the four rules and fixation of GST rates for commodities and services would be done in the next meeting in Srinagar in May.

The Council consisting of the Finance Minister and members from all states approved of the changes in rules for filing tax returns under the new regime by resgistration of entities, payment of GST, invoiing and refunds to make them compatible with GST laws approved by the Lok Sabha.

"Draft rules for input tax credit, valuation, transition and composition scheme have been approved by the council," finance minister Arun Jaitley said after the meeting.

These drafts will be made public so that industry can give inputs and the final draft will be up for approval at the next council meeting to be held on May 18-19 in Srinagar.