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Assam ratifies GST bill

New regime seeks to subsume indirect levies like countervailing duty, excise duty and service tax

Policy Pulse
Publish Date: Aug 12 2016 2:07PM | Updated Date: Aug 12 2016 2:07PM

Assam ratifies GST bill

 Assam has become the first state to ratify the Constitution amendment bill related with the Goods and Services Tax, after its passage by both Houses of the Parliament earlier this month.

 
"A historic resolution was passed in Assam Assembly as Assam became the 1st State to ratify the Constitutional Amendment Bill relating to GST," Chief Minister Sarbananda Sonowal tweeted soon after it was ratified.
 
"I am sure Assam will benefit from the GST through higher economic growth and better revenue collection," said the 53-year-old chief minister.
 
At least half the states will have to pass what is technically the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, for the next steps of legislative action to follow, to introduce a pan-India Goods and Services Tax regime.
 
New regime seeks to subsume all central indirect levies like countervailing duty, excise duty and service tax, as also state taxes such as entry tax luxury tax and value added tax to create a single, pan-India market.