“The 7th GST Council meeting was held at New Delhi on December 22 and 23 last under the chairmanship of Union Finance Minister Arun Jaitley which was attended by all the Finance Ministers from different states of the country. Chowna Mein, Deputy Chief Minister of Arunachal Pradesh who is also the Minister of Finance attended the 7th GST council meeting. He was accompanied by Marnya Ete, Secretary (Tax & Excise), Tapas Dutta, Assistant Commissioner (Tax & Excise) and Nakut Padung, Superintendent (Tax & Excise).
The Council in its 7th round of meeting in principle approved the CGST and SGST Model Law. Two issues pertaining to IGST Bill related to definition of territory of state and whether powers under IGST will be of Centre or will be shared with states will come up for discussion in the next council meeting.
The council meet also approved basic draft of Compensation Law. There was one clause, in particular, with respect to source of compensation fund, the language of which will be redrafted and the legally vetted language will be placed before the next meeting of the Council. On the compensation law, the Union Finance Minister Arun Jaitley said in clear terms that the States will be compensated 100 per cent for loss which is directly attributable to GST implementation for a period of five years.
The pending issues of dual control and draft Integrated GST (IGST) Bill will also be taken up for discussion in the next meeting of the Council scheduled to be held on January 3 and 4 next.”