News

Goods and Services Tax draft bill to Cabinet today

 

  • GST to be implemented in lieu of multiple taxes
  • Finance Ministry to decide tax rate
  • Bill also to amend VAT rate from 15% to 18%

 

BY Shenal Fernando

The draft bills for the imposition of the Special Goods and Services Tax (GST) and for the amendment of the Value-Added Tax (VAT) Act No. 14 of 2002, prepared by the Legal Draftsman, will be presented to the Cabinet of Ministers today (3) by the Ministry of Finance, The Morning learns.

According to the cabinet proposals, as seen by The Morning, these two draft bills will be presented to the Cabinet today to obtain approval for their publication in the gazette and for their presentation to Parliament for approval.

The imposition of the GST is a proposal announced in Budget 2021.

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