GST Constitutional Amendment Bill gets Presidential Assent after ratification from 50% States, Government to Notify GST Council soon
The Goods and Services Tax is now in final shape after signing of the GST Constitutional Amendment Bill by the Hon’ble President after ratification by 16 states. Post Presidential assent, the Government will notify the GST Council, which will decide on the tax rate. Union Finance Minister will head the GST Council comprising of state Finance Ministers.
Government is making all out efforts to ensure roll out for the new indirect tax regime from April 1, 2017. The Parliament had passed the bill on 8 Aug. 2016 which was then circulated for ratification by at least 50% of the states. After ratification by requisite number of states, the bill was sent to the President’s office for assent.
The Central Government and State Governments are rigorously working for shaping the GST and are interacting with stakeholders for drafting the CGST, SGST, IGST based on the Model GST law.
To view or download The Constitution Amendment Act, 2016, refer the link below: