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of <h1>7th GST Council Meeting: Draft GST Laws Approved, Land & Building GST Deferred, Focus on Proportional Penalties & State Compensation.</h1> The 7th GST Council meeting, chaired by the Union Finance Minister, discussed several key issues related to the implementation of the GST. Key agenda items included the approval of draft GST laws, the treatment of land and building under GST, and provisions for cross-empowerment. The Council debated the arrest and prosecution provisions, emphasizing the need for proportionality in penalties and safeguards against misuse. Discussions also covered the structure and functioning of the Appellate Tribunal, GST compliance ratings, and anti-profiteering measures. The Council decided to defer the introduction of GST on land and building, agreeing to revisit the issue after a year. The draft GST Compensation Law was also discussed, with a focus on ensuring timely compensation to states and addressing potential shortfalls in the compensation fund. The Council agreed to pay compensation bi-monthly and to incorporate various suggested amendments into the draft law. The next meeting was scheduled for January 3-4, 2017.
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