Goods and Services Tax – GST – Dated:- 20-3-2017 – The GST law will be the biggest reform in the area of Indirect Taxes in the history of independent India The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the following four Goods and Services Tax (GST) related bills: 1. The Central Goods and Services Tax Bill 2017 (The CGST Bill) 2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill) 3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill) 4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill) The passage of these four GST related bills will pave the way for the biggest reform in the area of Indirect Taxes in the history of independent India.
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lp in the realization of the objective of One Nation, One Tax and improve the Ease of Doing Business climate in the country. It will also indirectly benefit the common man by reducing the tax burden especially on the daily consumer items of the common man. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. It is expected that the implementation of the Goods and Services Tax law will lead to an increase in Gross Domestic Product (GDP) of the country by 1-2%. This in turn will lead to the creation of more employment and increase in productivity. The GST regime will bring in more transparency and efficiency with the m
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