Finance Ministry releases draft of model GST Bill

Zee Media Bureau

New Delhi: Finance Ministry on Tuesday released the draft of model GST Bill.

Meanwhile, state finance ministers deliberated on the model GST law at a two-day meeting begins today.

After the first day of meeting, Finance Minister Arun Jaitley said that all states except Tamil Nadu backed the GST bill.

"So far, every state has given its detailed views on the GST itself. Virtually, every state has supported the idea of GST. Except one state Tamil Nadu, they have made some suggestions which has been taken note of", said FM Jaitley.

"As far as 1 percent additional tax for first 3 years is concerned, I have made it clear that I am flexible on that issue", added Jaitley.

FM said that issues of dual control and revenue neutral rate will be dealt by the Empowered Committee.

There has been complete consensus on no constitutional cap as exigencies may arise in future to revise the rates, Jaitley said.