GST ready for President`s nod |
Decks have been cleared for seeking presidential assent to the Goods and Services Tax (GST) Bill after Odisha Assembly ratified it .With this, the historic tax reform Bill can now be sent to President Pranab Mukherjee for his approval. The approval from 16 states has come far ahead of the Centre`s targeted deadline of rolling out the new taxation system from April 1, 2017.But before supporting legislations go to Parliament in November, the state finance ministers have to agree on a GST rate, tax slabs and exempted goods and services. GST rate will have to be approved by the GST Council, comprising the Union Finance Minister and representatives of all the 31 states and UTs.
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