Finally, all the speculations about GST (Goods and Services Tax) are over, after President, Pranab Mukherjee signing the bill to become a law. After getting ratified from 16 states, the bill had gone to the President for his approval.
Now, the government has ramped up its operations to implement it in the country’s tax regime. As per the government’s plan, it will roll out the newly passed bill by April 1, 2017. GST, the biggest tax reform since Independence, will create uniform market for seamless movement of goods and services with one tax rate.
With the President giving his assent to the bill, the government will notify the GST Council. Union Finance Minister will head the Council, which will comprise state Finance Ministers.
The GST Council will decide on the tax rate, cess and surcharges which are to be subsumed and also decide on the goods and services which would be exempted from the purview of the new indirect tax regime.
However, now state and centre are working closely with stakeholders to chalk down the Central GST, State GST and Integrated GST laws. After mapping the norms, these newly carved laws will be passed in the Winter Session of the Parliament.