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ARTICLE · 26 SEPTEMBER 2016

Tax Updates - Aug 08 2016

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The Constitution (122nd Amendment) Bill, 2014, popularly known as "GST Bill", has been finally passed in the Rajya Sabha on 3rd August, 2016, after extensive debate and deliberation.

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The Constitution (122nd Amendment) Bill, 2014, popularly known as "GST Bill", has been finally passed in the Rajya Sabha on 3rd August, 2016, after extensive debate and deliberation. The GST Bill is an enabling amendment to the Constitution paving way for 'one nation one tax' regime to become a reality. Finance Minister, Mr. Arun Jaitley has promised to keep goods and service tax (GST) rate 'as low as possible' but refused to commit to a specific rate. The tax rate would be decided by the GST Council comprising of the Union Finance Minister and representatives of all 29 states in India. Though, there are still many steps remaining, like ratification of the GST Bill by 50% of state legislatures, one crucial hurdle is now over.

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