Business Mantra News
After more than 16 Indian states had passed GST Bill in their respective Assemblies, the GST Bill was sent to the Hon’able President for his assent. Today the 8th September, 2016, President of India has approved the GST Bill making it GST a Law. It is the biggest achievement of the Union Government to get a uniform tax for whole of India. GST Bill was passed in the Parliament unanimously on 8th August, 2016 and thereafter a minimum of 16 State Governments had to give their assent.
As the Union Government intends to roll out GST Law from 01-04-2017, the notification of “Formation of GST Council” headed by Finance Minister and other members of the council including the State Finance Ministers is on the cards. The Council shall decide the rate of tax on different components of GST. Amongst all indirect taxes applicable, a single tax shall be applicable in all the states of India uniformly.
For this uniformity of GST tax, Central GST, Integrated GST (For Inter-state movement of Goods and Services) and State GST laws shall be decided by the GST Council. Thereafter CGST & IGST shall be taken up for Parliament’s assent in Winter Session of Parliament. Similarly States shall also do this exercise.
A lot of work has to be done by the GST Council, Parliament and State Assemblies before GST becomes a reality.