GST Council clears all 9 rules for new tax regime at Srinagar meeting

On day one of its crucial meeting in Srinagar, Jammu & Kashmir (J&K), the Goods and Services Tax (GST) Council on Thursday approved all nine rules for the rollout of the new indirect tax regime . The nine rules finalised by the council pertain to composition, valuation, transition, input tax credit, invoice, payment, refund, registration and return.

Exemptions are expected to be taken up before setting the GST rates. GST Council members said that the list of exemptions could be firmed up by Thursday evening. Close to 100 items would be in the exempted category. Finance Minister Arun Jaitley is learnt