NEW DELHI: The legislation amending the Constitution to enable goods and services tax (GST) has become a law with President Pranab Mukherjee giving his assent to the bill ratified by more than 50 per cent state assemblies.This is a significant milestone achieved in the implementation of GST that sets the stage for GST Council , which will work out the details of the tax, including the rate at which it will be levied.The President has signed it, a government official said. "If we look ahead, its (April 1, 2017) a very stiff target we are running against time. I would certainly like to give it a try," Jaitley had said. Parliament had on August 8 passed the bill that was then sent to states for ratification. Such a constitution amendment bill requires at least half the state assemblies to ratify it before president's assent is sought.The GST Council, a body of states and Centre, is expected to be constituted shortly with Union finance minister as its chair and state finance ministers as its members.The Centre will have one-third weight in the council while states together will have the remaining two-third.

Source: Economic Times September 08, 2016 11:22 UTC