GST Council Clears Draft Laws As Government Aims For July 1 Rollout

The GST Council unanimously approved the draft central GST and integrated GST laws in its 11th meeting today. The Centre wants to bring these bills in the second half of the Budget session that starts next week as it wants to stick to the July 1 deadline to rollout GST. The Centre also agreed to apply the formula of composite tax of 5 per cent to eateries and restaurants whose annual turnover do not exceed 50 lakh. The move is expected to keep dining out at smaller restaurants an affordable experience because of lower taxes.