Pranab Mukherjee signs Constitution Amendment Bill now Goods and Services Tax (GST) has become law.
Goods and Service Tax
Delhi- After a waiting of a Long time, Indian Prime minister Pranab Mukherjee has signed the Constitution Amendment Bill and Goods and Service Tax (GST) has become a low now. GST bill was passed in Rajya Sabha on August 3 then was passed by Lok Sabha on August 8. It was required to get approval from at least 15 of 29 states across the India. However, a few days back the Orissa government has passed the GST. Orissa was the 16th Country to pass GST bill.
GST Bill 2016 become a law
GST stands for Goods and Service Tax. It is a reformation of a single tax which aims to remove different tax barriers between the states and create a single tax for market.
Pranab Mukherjee passed GST bill
Recently, Finance minister Arun Jaitley had said that the GST is a major improvement in the indirect taxation, that is pending since long. He also added that from April 2017, the Goods and Service Tax (GST) will be implemented across the country. Earlier, he said that state government and central government will be under the same roof after approval of GST bill in India. It is the first priority of Indian Parliament to implement GST bill in India as soon as possible.
What is next after GST becomes Law
Now after the approval of President, GST council would be notified. GST Counsil will be responsible for calculation of GST rate and cess. Parliament has passed the GST bill on August 8, After that Assam was the first state to endorse it.
GST implementation date
The Goods and Service Tax will be implemented in India from April 2017. Central Government had put a deadline till next financial year. It is believed that with the implementation of GST, consumer goods will be available at cheaper price. It will deduct up to 25-30% after removing excise duty, VAT and other taxes