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GST Bill gets President’s assent – Now becomes a law

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 .....

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omes 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 t .....

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services by subsuming a slew of around 17 indirect taxes viz. Excise Duty, Service Tax, VAT, CST, Luxury tax, Entertainment Tax, Entry Tax, etc. Earlier, the Rajya Sabha has unanimously passed the ambitious GST Bill, as amended with over 2/3 majority .....

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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 .....

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s 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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