The Rajya Sabha passed four legislations of the landmark Goods and Services Tax Bill (GST) to pave way for the new indirect tax reform.
The four Bills are the Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017, reported The Times of India.
The Lok Sabha had passed these Bills on 29 March.
All the states will now have to pass the States GST Bill after which the new indirect tax regime can be rolled out.
Portrayed as the biggest indirect tax reform since independence, GST would subsume central excise, service tax and other local levies.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
