Goods and Services Tax – GST – By: – Bimal jain – Dated:- 9-9-2016 Last Replied Date:- 11-9-2016 – Dear Professional Colleague, GST Bill gets President s assent – Now becomes a law The Government s plan to roll out Goods and Services Tax ( GST ) from April 1, 2017, has moved an inched closer to the reality with the Hon ble President Shri. Pranab Mukherjee signing the Government s flagship Constitution (122ndAmendment) Bill, 2014 on GST ( GST Bill ), just a while ago. The much-awaited GST now becomes a law with President signing the GST Bill after more than 16 States (BJP-ruled Assam being the first one) ratified it. After being assented by the President, the GST Bill will be enacted as the Constitution (101st Amendment) Act, 2016, to pave
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x on Inter-State sale of goods and a definite provision in the statute for 100% compensating the States for any revenue loss for 5 years, amongst others. With the President giving his assent to the GST Bill, a GST Council will be set up within 60 days of the enactment of the GST Bill, comprising the Union Finance Minister as Chairman, MOS-Revenue/ Finance and State Finance Ministers as Members of the GST Council, which will make important recommendations on GST rates, Common list of Exempted goods and services, dual control & adjudication, subsumation of surcharge and cesses, etc.Thereafter, following legislations-Central GST (CGST) and Integrated GST (IGST) will have to be passed by Parliament and a State GST (SGST) legislation by each
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