The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley is expected to approve four crucial bills on Saturday paving the way towards the roll-out of India's biggest tax reform from July 1. The legally vetted draft laws for all important bills — Central GST (CGST), State GST (SGST), Integrated GST (IGST) and Union Territory GST (UTGST) — will likely be cleared by the Council in its eleventh meeting in New Delhi. The government would then introduce the model GST law, which provides a common draft of CGST law, SGST law, IGST law, UTGST law, and Compensation Law, in Parliament in the second half of the Budget Session beginning next week. Last month the Council cleared the draft compensation law, according to which the Centre will have to fully compensate states for any revenue loss for five years after migrating to the new tax system.
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