Now that the bill has got Presidential assent, the government will notify the GST Council, which will decide on the tax rate. President Pranab Mukherjee on Thursday gave assent to Constitution Amendment Bill on Goods and Services Tax (GST), a major step towards rolling out the new indirect tax regime which the Modi government wants to come into effect from April 1 next year. The passage of the bill will pave the way for setting up of 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, which will decide on the tax rate. 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.

Source: dna September 08, 2016 11:57 UTC