Bihar becomes first non-NDA govt to ratify GST Bill
Posted on:17 Aug 2016 09:09:43
Free Current Affairs to Your Email
17 August 2016 Current Affairs: The Goods and Services Tax (GST) Bill was passed in a one-day special session of the Bihar legislature, while 3 MLAs of Communist Party of India-Marxist and Leninist (CPI-ML) boycotted the bill and staged a walkout from the House. Participating in the debate, legislators of both ruling and Opposition parties underlined the benefits of the bill for the state.
Bihar became the second state after Assam to adopt it, while neighbouring Jharkhand is scheduled to convene a special session of the state assembly to ratify the bill.
The GST Bill, dubbed India’s biggest tax reform, needs to be ratified by at least 15 state legislatures out of a total 29 before the President can notify the GST Council, which would eventually decide the new tax rate and other issues. The Central Government has set a deadline of April 2017 for its rollout.
With Assam and Bihar having ratified the Bill, it now needs to be ratified by 14 more assemblies. Once that is done, the GST Council will be constituted and help the Finance Ministry prepare drafts of the Central GST, Integrated GST and State GST Bills. The Modi government hopes to bring these three Bills in the winter session of Parliament.
FreshersLive - No.1 Job site in India. Here you can find latest 2017 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.