GST Bill ready for President’s approval
On Thursday, Odisha became the 16th state to ratify the Constitution Amendment Bill for Goods and Services Tax (GST), thus fulfilling the requirement of 50 per cent of states and UTs ratifying it and paving the way for for the Presidential assent to the Bill.
The Bill will now be placed before President Pranab Mukherjee for approval before being notified as law, ‘Times of India’ has reported.
“The requisite number of states have ratified the GST Constitution Amendment Bill and now it can go for Presidential assent,” Finance Minister Arun Jaitley tweeted.
Ratification of the Bill by at least half of the total states was mandated before it is sent for the President’s assent.
Dubbed as the biggest tax reform in India, the Constitutional Amendment Bill for GST was passed by Parliament on August 8.
The government plans to roll out the new indirect tax regime from April 1, 2017.
The GST, the biggest tax reform since Independence, will create uniform market for seamless movement of goods and services with one tax rate.
Other states that have approved the Bill include Maharashtra, Haryana, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh, Delhi, and Nagaland.