Council clears all GST laws; Cess capped at 15%; Next meeting on March 31

GST Council grants formal approval to CGST, IGST SGST, UTGST and Compensation laws; Govt. to take Central laws to Cabinet for approval before introducing in Parliament; ​​Cess on luxury items ​leviable at 12%, but capped at 15%; Final draft of Rules relating to composition, valuation, ITC and transition alongwith amended Rules on payment, registration, invoice, returns and refunds to be taken up in next Council meeting on March 31st : FM Arun Jaitley...