Briefcase 1 Pranab Mukherjee signed the Constitution 122nd Amendment Bill on GST2 Paves way for setting up GST Council that will decide tax rate, cess & surcharges3 CGST and IGST will be drafted on the basis of the model GST lawPresident Pranab Mukherjee today signed the Constitution 122nd Amendment Bill on Goods and Services Tax (GST) after a minimum of 16 states had ratified it. While the passage of the Bill makes it an Act, it also paves the way for setting up a GST Council that will decide the tax rate, cess and surcharges. Now that the Bill has got Presidential assent, the Government will notify the GST Council. The states and the Centre are working overtime and talking to stakeholders to draft the Central GST, State GST and Integrated GST laws, which are to be passed in the winter session of Parliament. Also readRunning against time for implementation of GST: Arun JaitleyObama praises Modi's GST bill, calls it bold policy move(With inputs from agencies)

Source: India Today September 08, 2016 14:15 UTC