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Assam Becomes First State To Ratify GST Bill

NEWS WORLD INDIA | 0
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| August 12 , 2016 , 12:46 IST
[caption id="attachment_217633" align="aligncenter" width="700"]Assam Becomes First State To Ratify GST Bill Assam on Friday became the first state to ratify the Constitution amendment bill related with the Goods and Services Tax, following its passage by both houses of parliament this month.[/caption] Assam on Friday became the first state to ratify the Constitution amendment bill related with the Goods and Services Tax, following its passage by both houses of parliament this month. "A historic resolution was passed in Assam Assembly as Assam became the 1st State to ratify the Constitutional Amendment Bill relating to GST," Chief Minister Sarbananda Sonowal tweeted soon after it was ratified. ALSO READ: GST Implementation Will Boost Business Sentiment & Eventually Investment: Raghuram Rajan "I am sure Assam will benefit from the GST through higher economic growth and better revenue collection," said the 53-year-old chief minister, who is a senior leader of the Bharatiya Janata Party (BJP). ALSO READ: GST Is A Good Step For Country, Says Rahul Gandhi At least 50 per cent of the states have to pass what is technically the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, for the next steps of legislative action to follow, to ultimately introduce a pan-India Goods and Services Tax regime. The new regime seeks to subsume all central indirect levies like excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market. For all the latest news and updates from India and across the globe, follow us on @NewsWorldIN on Twitter and News World India on Facebook    

Bihar Assembly Passes GST Constitutional Amendment Bill | NWI

[…] Bill, 2014 on GST has already been passed by the Lok Sabha and the Rajya Sabha. ALSO READ: Assam Becomes First State To Ratify GST Bill The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 […]