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NUll

10th

2016

Prez nod to Constitution Amendment Bill on GST: -


 President Pranab Mukherjee on September 08 gave assent to the Constitution Amendment Bill on the goods and services tax (GST), enacting the legislation. The move paves the way for setting up of a GST Council that will make recommendations on a model GST Bill, rates and other important aspects before the new indirect tax regime rolls out. The Act was put on the official gazette on September 08. Meanwhile, Chief Economic Advisor Arvind Subramanian batted for a lower GST rate as this would allay fears about inflation and help improve compliance. Also, the Andhra Pradesh Assembly ratified the Bill, becoming the 18th state to do so. The President will constitute the GST Council within 60 days. The body, comprising the Union finance minister, union minister of state for finance in charge of revenue, and state finance ministers or any minister nominated by states, will recommend GST Bills, rates, and contentious issues of control of assessing and scrutiny, besides a threshold for att



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