After getting ratified by more than 50 percent of the Indian states, the Goods and Services Tax Bill has been signed by the President Pranab Mukherjee. The Bill has become an Act now. Now, it is all set to be implemented by the proposed deadline i.e April 1, 2017.
Notedly, the GST bill had been approved by the Rajya Sabha last month and received a good amount of support from opposition too. The new tax reform will bring the taxation under a unified body. The government will soon form a GST council which will announce the special GST rates on a later stage.
During a Summit conduced recently, FM said, “We have the months of September and October and parts of November to structure the GST council. So there is a lot of work to do and if you are able to successfully transact those issues, then in the winter session of Parliament the central legislations, with some drafts in public domain, will have to be brought in.”
The GST will be replacing several levies compiled of central and state levies, including central sales tax, central excise duty, service tax along with VAT on the sale of goods and entry tax. This is said to be the best reform for the 1.3 billion market.
The Government will also bring an official portal for filing the GST and resolve queries related to filing GST forms as well.
