GST becomes Law President gives assent to GST Bill

GST becomes Law President gives assent to Goods and Services Tax [GST Bill]

Goods and Services Tax GST Bill now became a law as President Pranab Mukherjee signing the bill after 16 states ratified it.

Congress Party started the journey of GST Bill and Now BJP Government completed that journey as GST became law.

The government plans to roll out the new indirect tax regime from April 1, 2017. GST

The GST is a single indirect tax which will subsume most of the central and state taxes such as Value Added Tax (VAT), excise duty, service tax, central sales tax, additional customs duty and special additional duty of customs.

List of the states which ratified the GST Bill?
1-Assam
2-Bihar
3-Jharkhand
4-Chhattisgarh
5-Himachal Pradesh
6-Gujarat
7-Madhya Pradesh
8-Delhi
9-Nagaland
10-Maharashtra
11-Haryana
12-Sikkim
13-Mizoram
14-Telangana
15-Goa
16-Odisha
17-Rajasthan
18-Andhra Pradesh


As GST became the law What Government of India will do now?

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 Government will work towards 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 IGST law would deal with inter-state movement of goods and services.

Reality views by sm –
Friday, September 9, 2016

Tags – GST Law President Accent Pass