GST Council Approves Final Draft Of Compensation Law, Says Arun Jaitley

Finance Minister Arun Jaitley, who heads the Goods and Services Tax (GST) Council, addressed a press conference after the panel met in Udaipur, Rajasthan. Here are the highlights of what the finance minister said:

* The council has approved the final draft of law to the states.

* Many contentious issues sorted out today.

* It's necessary that enabling laws be completed by second half of budget session.

* Legal vetting was done and legally vetted drafts were to be presented before the Council.

* GST Council to next meet on March 4-5.

* After March 4-5, officials will start fitting different commodities into the GST slabs.

* It is essential that enabling laws for GST are passed in second half of the Budget Session to ensure its rollout from July.