Jaitley said the panel would now meet on March 16 - while Parliament is in session - to finalise these laws. Subsequently, the bills will be tabled together in Parliament in the second half of the budget session.
With regards to tax payment, a state-wise single registration will be maintained for filing returns, paying taxes, and to fulfill other compliance requirements.
"It (GST) looks on track". As for the eventual rollout, Jaitley added: "July 1 looks possible for rollout of GST; cap rate will be kept at a higher rate; applied rate will be 5, 12, 18, 28 per cent".
According to ET Now, Council headed by Finance Minister Arun Jaitley told states that the government has accepted all 26 points related to pan-India taxation raised by them.
The Goods and Services Tax (GST) Council, which approved the Central GST and Integrated GST on Saturday in its 11th meeting, witnessed the state finance ministers talking in chorus with the centre.
The IGST law, the CGST law, the UTGST law and the bill to compensate states for revenue losses arising from a transition to GST will require the approval of Parliament while the SGST law will require the nod of the state legislative assemblies. Officials said this "14%" will now be changed to say the rate will not exceed "20%".
The Centre and states have made a decision to exempt agriculturists from registering under the Goods and Services Tax regime, while the threshold for traders has been set at Rs 20 lakh turnover.
Mirroring the model GST law, the CGST, the SGST and the UTGST law will be firmed up by the Centre, states and Union Territories, respectively.
Arun Jaitley said July 1 appeared to be the likely roll out date for GST.
The Centre will also levy and collect the IGST on all inter-State supply of goods and services.
"The rates will be what has been decided by the council".
Final drafts of CGST& IGST laws were circulated to GST council.
The four crucial bills form the enabling laws under the GST constitutional amendment, and the passage of these bills would pave way for the implementation of India's biggest indirect tax reform.