GST Gets President’s Approval
NEW DELHI: President Pranab Mukherjee has signed the government’s flagship Goods and Services Tax Bill, which will do away with the indirect taxes and usher in one tax for the entire country.
With the President’s assent, the focus now shifts to the enabling acts, which have to be passed in the Centre and the states. Sixteen of the country’s 31 states have already ratified the GST.
The bill was passed unanimously by the Rajya Sabha and the Lok Sabha in August and the government is running against time to meet the April 1 deadline for its implementation.
The GST Council also has to be formed, which will take care of some “pending issues”, Union Finance Minister Arun Jaitley has said.
“We have the months of September and October and parts of November to do that. 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 minister had said yesterday.
A short while back the President put his signature accepting the constitutional amendment passed by both Houses of Parliament and over 15 state legislatures.