GST gets President's assent

September 08, 2016 16:32

The Goods and Services Tax is now a law after President Pranab Mukherjee signed the bill which had been cleared by Parliament and 15 state governments.

The GST bill had been approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market this August.

The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.

Instead of the good being taxed multiple times at different rates, under the new GST regime goods would be taxed at point of consumption.

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