JOIN US Decks were cleared for rollout of the landmark Goods and Services Tax from July 1 as Parliament on Thursday passed the supporting GST laws.
Finance Minister Arun Jaitley assured that the real estate sector will also form part of its framework within one year.
Four supporting pieces of GST legislation — Central GST, Integrated GST, State GST and Compensation laws — were returned to the Lok Sabha after they were cleared by the Upper House without any amendments.
The Lok Sabha had passed the bills on March 29. “In 2006, we embarked upon the idea, which ran into hurdles. We learned from the experience and today, it is the collective property of the country,” Jaitley said.
The next step will be the states and Union Territories passing the state and UT GST laws through their assemblies and the Centre furnishing fitment of rates for goods and services.
Replying to the debate on the GST, Jaitley said the fitment procedure will be complete by May or early June. Goods will then either retain their present rate of taxation or be put into the nearest tax bracket of the GST rates.