GST Bill gets President’s assent – Now becomes a law: Hon’ble President Shri. Pranab Mukherjee signing the Government’s flagship Constitution (122ndAmendment) Bill, 2014 on GST (“GST Bill”), just a while ago. The much-awaited GST now becomes a law with President signing the GST Bill after more than 16 States ratified it.
GST, the biggest indirect tax reform since independence, is aimed at dismantling Inter-State barriers to trade in goods and services by subsuming a slew of around 17 indirect taxes viz. Excise Duty, Service Tax, VAT, CST, Luxury tax, Entertainment Tax, Entry Tax, etc.