The Goods and Services Tax (GST) Bill or GST Bill, officially known as The Constitution (One Hundred and Twentysecond Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India from 1 April 2017. On September 8, 2016 Indian President Pranab Mukherjee has signed the bill and it becomes a law. It is a flagship act, which will do away with a host of central and state taxes and usher in one tax regime for the entire country.
With the President’s assent, the focus now shifts to the enabling acts, which have to be passed in the centre and the states. Eighteen of the country’s 31 states have already ratified the constitutional amendment bill that needs ratification from 50 percent of the states.
It is one of the biggest taxation reforms through introduction of the GST, which is to integrate State economies and boost overall growth. It is also considered to be a significant breakthrough....
