GST, Goods and Services Tax

 

India’s GST bill was approved by more than half of the state parliaments

After Goa approved the GST constitutional amendment on Thursday, September 1st, after four hours of discussion, the Parliament of Orissa in India passed the GST amendment orally by voting, becoming the 16th GST ratification. The local government of the constitutional amendment. So far, the GST bill has been approved by more than 50% of the local councils.

The next step for the GST bill will seek the approval of Indian President Mukherjee. 

According to the Indian legislative process, after the People’s Chamber of India and the Federal Chamber passed the 122nd Constitutional Amendment of India-the GST Act, the bill must be approved by the President before it can be approved by the President to form a formal law for implementation.

 India has 29 states (including the southern Tibet area claimed by our country) and 2 federal territories with legislative power, so at least 16 states need to obtain approval.

 

Image of GST, Goods and Services Tax
GST - Goods and Services Tax of India

Once the 122nd Constitutional Amendment (GST Act) is approved by the President of India, it will be officially promulgated into law. In the next step, the Indian government will organize a GST committee composed of central and local representatives within a week. 

The central government is responsible for completing the legal content of CGST (CentralGoods and Service Tax) and IGST (InterstateGoods and Service Tax) within two months, and each state government will also complete its own SGST (StateGoods and Service Tax) legal content. It is reported that the Indian tax authorities are also striving to complete preparations in February next year.

 

 

The time node set by the Indian government is April 1, 2017, which is the time when GST officially replaces the existing complex indirect tax system at the central and local levels. But the remaining work is still more difficult: specific GST legal content needs to be formulated, detailed operating rules need to be formulated. 

The central and local GST tax rates also need to be formulated. 

The GST Council will be composed of one-third of the central representative and two-thirds of the local representatives. The committee will be responsible for the formulation of the above-mentioned details.



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