GST bill gets nod by President Pranab Mukherjee
By ET Bureau | Sep 08, 2016, 05.30 PM IST
NEW DELHI: The legislation amending the Constitution to enable goods and services tax (GST) has become a law with President Pranab Mukherjee giving his assent to the bill ratified by more than 50 per cent state assemblies.
This is a significant milestone achieved in the implementation of GST that sets the stage for GST Council, which will work out the details of the tax, including the rate at which it will be levied.
The President has signed it, a government official said. The Constitution (122nd Amendment) (GST) Bill allows for introduction of GST that will replace multiple indirect taxes levied by centre and states, creating one national market that is expected to bump up GDP by as high as 2 per cent.
Once the date of the new tax is notified all state and central taxes that it subsumes will cease to exist.The government is looking to implement the new tax regime from April 1, 2017.
NEW DELHI: The legislation amending the Constitution to enable goods and services tax (GST) has become a law with President Pranab Mukherjee giving his assent to the bill ratified by more than 50 per cent state assemblies.
This is a significant milestone achieved in the implementation of GST that sets the stage for GST Council, which will work out the details of the tax, including the rate at which it will be levied.
The President has signed it, a government official said. The Constitution (122nd Amendment) (GST) Bill allows for introduction of GST that will replace multiple indirect taxes levied by centre and states, creating one national market that is expected to bump up GDP by as high as 2 per cent.
Once the date of the new tax is notified all state and central taxes that it subsumes will cease to exist.The government is looking to implement the new tax regime from April 1, 2017.
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