GST council clears the pending rules

New Delhi, June 3: A meeting was successfully conducted in Delhi today. The GST Council on Saturday cleared the pending rules. These rules include transition provisions and returns.

All the 29 States have agreed to the rollout of the tax from July 1. Kerala Finance Minister Thomas Isaac addressed a press conference after the meeting was concluded. He said that "transition rules have been cleared".

Currently, the GST Council last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28 percent.



The GST Council has decided to increase the limit on input tax credit from the earlier proposed 40%, a move that brought relief for sale of inventories stocked up before the implementation of the new tax regime on July 1.

The council is yet to discuss the tax rate to be levied on the six items, including gold, bidis, and biscuits. Finally, the meeting has not yet concluded and further details are awaited.