A man sits on top of a truck laden with goods in the Burrabazar area of Kolkata, India (Photographer: Brent Lewin/Bloomberg)  

Next Cabinet Meeting Will Take Up GST Council Formation: Revenue Secretary  

The formation of Goods and Services Tax Council will need clearance of the cabinet, Revenue Secretary Hasmukh Adhia told reporters on Friday.

“Obviously it (GST Council) will be taken to the Cabinet. The next Cabinet meeting, whenever that is, will take up the issue,”

The exemption list of items has not been finalised yet, he said after attending a meeting chaired by Finance Minister Arun Jaitley with officials of the revenue department, Chief Economic Advisor Arvind Subramanian, and the Central Board of Excise and Customs.

The GST Council will decide the rate, laws and administrative framework that will form the CGST (Central Goods and Services Tax) and IGST (Interstate Goods and Services Tax).

The 122nd Constitutional Amendment Bill got the President’s nod on Thursday after more than 50 percent states ratified it. After the President’s assent, the Bill now becomes a law.