President Pranab Mukherjee on Thursday Sep 08,2016 gave assent to Constitution
Amendment Bill on Goods and Services Tax (GST), a major step towards
rolling out the new indirect tax regime which the Modi government wants
to come into effect from April 01,2017
The Rajya Sabha had passed the bill on Aug 03,2016 which was then
circulated to state governments seeking its ratification.
A Constitution
amendment bill needs to be ratified by the legislative Assemblies of at
least 50 per cent of the states.
The bill was sent to the President's secretariat after as many as 17 states, BJP-ruled Assam being the first, ratified the bill.
The other states which have passed the legislation include Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Sikkim, Mizoram, Telangana, Goa, Odisha and Rajasthan.
Now that the bill has got Presidential assent, the government will notify the GST Council, which will decide on the tax rate. Headed by Union Finance Minister Arun Jaitley, the Council will comprise state Finance Ministers
The states and the Centre are working overtime and talking to stakeholders to draft the Central GST, State GST and Integrated GST laws, which are to be passed in the Winter Session of Parliament.
The CGST and IGST will be drafted on the basis of the model GST law.
The states will draft their respective State GST (SGST) laws with minor variation incorporating state-based exemptions
The bill was sent to the President's secretariat after as many as 17 states, BJP-ruled Assam being the first, ratified the bill.
The other states which have passed the legislation include Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Sikkim, Mizoram, Telangana, Goa, Odisha and Rajasthan.
Now that the bill has got Presidential assent, the government will notify the GST Council, which will decide on the tax rate. Headed by Union Finance Minister Arun Jaitley, the Council will comprise state Finance Ministers
The states and the Centre are working overtime and talking to stakeholders to draft the Central GST, State GST and Integrated GST laws, which are to be passed in the Winter Session of Parliament.
The CGST and IGST will be drafted on the basis of the model GST law.
The states will draft their respective State GST (SGST) laws with minor variation incorporating state-based exemptions
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