Current Affairs
Select Date
Tags:
Hindi

President gives assent to the Constitution (122nd Amendment) (GST) Bill, 2014

President Pranab Mukherjee on 8 September 2016 gave his assent to the Constitution 122nd Amendment) (GST) Bill, 2014 as per Article 111 of Constitution of India. 
•    With this assent, the bill becomes law and allows rolling out a new indirect tax regime.
•    After the Presidential assent, the bill will be notified to the Goods and Services Tax (GST) Council that will decide the tax rate, cess and surcharges. 
•    The council to be headed by Union Finance Minister Arun Jaitley will comprise of state Finance Ministers.
•    The GST is a single indirect tax, which will subsume most of the Central and State taxes such as the Value Added Tax (VAT), excise duty, service tax, central sales tax, additional customs duty and special additional duty of customs.
•    The bill passed by both houses of Parliament in August 2016 and ratified by 19 states was sent to the President’s secretariat. 
•    The states that ratified the bill include Assam (first to ratify), Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Sikkim, Mizoram, Telangana, Goa, Odisha, Rajasthan, Arunachal Pradesh and Andhra Pradesh.