As government is racing against time for implementing the goods and services tax, President Pranab Mukherjee on Thursday gave assent to Constitution Amendment Bill on Goods and Services Tax (GST), making it an Act. The CGST and IGST will be drafted on the basis of the model GST law. The states will draft their respective State GST (SGST) laws with minor variation incorporating state-based exemptions. “With the passing of the GST Amendment Bill, a big milestone in the eventual implementation of GST has been achieved. The earlier the GST council is now formulated the earlier the detailed features of GST would be finalized and help the industry in designing its processes for the GST implementation,” Bipin Sapra, tax partner, EY India.

Source: Hindustan Times September 08, 2016 14:03 UTC