Business Other News 02 Sep 2016 GST Bill hits magic ...

GST Bill hits magic 16 mark

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Sep 2, 2016, 1:52 am IST
Updated Sep 2, 2016, 2:03 am IST
The Centre on Thursday said that it will seek Presidential assent for the Constitution amendment Bill for GST. (Representational image)
 The Centre on Thursday said that it will seek Presidential assent for the Constitution amendment Bill for GST. (Representational image)

New Delhi: The Centre on Thursday said that it will seek Presidential assent for the Constitution amendment Bill for GST as 16 states have ratified the legislation — fulfilling a Constitutional requirement of getting approval from 50 per cent of the state Assemblies. “The requisite number of states have ratified the GST Constitution amendment Bill and now it can go for Presidential assent,” finance minister Arun Jaitley tweeted.

Revenue secretary Hasmukh Adhia said that the government is ahead of schedule for the implementation of GST. “Instead of 30 days kept for this (states’ ratification), it is achieved in 23 days,” he said in a tweet. The government plans to roll out the new indirect tax regime, which is considered to boost the country’s economy, from April 1, 2017.

After the Presidential assent, the government will then notify the GST Council comprised of the state finance ministers and headed by the Union finance minister. The Council will then 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.

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