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Monday, September 12, 2016

functioning of the Goods and Services Tax (GST) Council. approced by cabinet

New Delhi, September 12, 2016
The Union Cabinet on Monday approved the process, formation and functioning of the Goods and Services Tax (GST) Council. Official sources said this in New Delhi. The council will consist of the Finance MinisNew Delhi, September 12, 2016
The Union Cabinet on Monday approved the process, formation and functioning of the Goods and Services Tax (GST) Council. Official sources said this in New Delhi. The council will consist of the Finance Minister and State Finance Ministers. It will make recommendations on important issues related to GST, including items and rates. On Thursday, President Pranab Mukherjee had given his assent to the 122nd Constitutional Amendment Bill which will pave the way for rollout of GST. 

The new tax regime will do away with the indirect taxes and usher in one tax for the entire country. Over 18 States have ratified the bill. The GST is a single indirect tax which will subsume most of the central and state taxes such as VAT, excise duty, service tax and central sales tax.
 ter and State Finance Ministers. It will make recommendations on important issues related to GST, including items and rates. On Thursday, President Pranab Mukherjee had given his assent to the 122nd Constitutional Amendment Bill which will pave the way for rollout of GST. 

The new tax regime will do away with the indirect taxes and usher in one tax for the entire country. Over 18 States have ratified the bill. The GST is a single indirect tax which will subsume most of the central and state taxes such as VAT, excise duty, service tax and central sales tax.