No Stopping for GST now!
President PranabMukherji signed the Constitution
Amendment Bill on the Goods and Services Tax on 8th September'16 (Thursday).
This is a major step towards implementation of the new tax regime which the
Modi Government aims to bring into effect from April 1 2017.
The bill was previously approved by Lok Sabha,
Rajya Sabha and over 16 State assemblies of the country, after which it was
sent for the President’s consent.
GST is a single indirect tax that subsumes most
of the central and state taxes. A GST Council will be set up to decide the tax
rate, cess and surcharges.
GST will be having three components namely
Central GST (CGST) , State GST (SGST) and Integrated GST (IGST) .
IGST that is for the purpose of Interstate
transactions, is anticipated to be at 18% rate, while CGST and SGST are for
intrastate transactions at 9% rate each.
The government is working dedicatedly to draft
laws for CGST, SGST and IGST that will be passed in the Winter session of the
Parliament. The Bill is now a Law, that will soon be implemented.
Revenue Secretary, HasmukhAdhia recently tweeted
that the government is ahead of schedule for the implementation of GST.
Barrack Obama on Thursday said that the passage
of GST will unleash significant economic activity in India, which will further
increase bilateral trade between the two countries.
GST is one of the biggest reforms being taken in
the tax regime in the country since the time of Independence and is expected to
work in favor of the economy as well as for the welfare of the
people.
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