GST Constitutional Amendment Bill gets Presidential assent
Today, Honorable The President of India gave assent to the 122nd Constitutional Amendment Bill 2014 on Goods and Services Tax (GST) and now it becomes One Hundred and First Amendment Act, 2016, a major milestone for the introduction of the Goods and Services Tax (GST) expected to be implemented by 1st April 2017.
For your information, The Bill was passed unanimously by both the houses of Parliament in august 2016 and ratified by the legislative assemblies of more than 50% of the states. Assam was the first state to ratify the Bill and the other states which have passed the legislation include Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Sikkim, Mizoram, Telangana, Goa, Odisha and Rajasthan.
Going forward, GST Council will be formed within 60 days of the enactment of One Hundred and First Amendment Act, 2016. CGST and IGST laws will be introduced in Parliament and SGST Laws in State Legislative Assemblies for the rollout of GST.