GST Bill gets President’s assent – Now becomes a law
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 9-9-2016
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 Constitutio
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ly included dropping of 1% additional tax 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
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