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On Wednesday, the Lok Sabha cleared four important bills related to the Goods and services Tax (GST), that aids to its quick implementation.
This development enables 28 states all from Delhi to Puducherry to enact the state law within the period of three months, and start following the new Tax rules by July 1st of this year.
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In a TOI report it is stated, that The four bills — Integrated GST, Central GST, Union Territory GST and Compensation Bill — will be followed by work in the GST council, comprising FM Arun Jaitley and state finance ministers, to finalise rules and product- and service-wise rates by the end of April.
GST will replace central excise, service tax and state VAT and several other levies, in addition to subsuming existing surcharges.
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GST has struggled to come to reality for over 10 years now , but only in 2016 did the Parliament finally cleared amendments to the Constitution, that made it seem possible that the bill can get a green signal.
The Bill later acquired the support from legislatures across the country, which finally led to its establishment.