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Bihar becomes first non-NDA govt to ratify GST Bill

Bihar becomes first non-NDA govt to ratify GST Bill
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.


December 2016 Current affairs
9 DEC
NEWS
8 DEC
NEWS
7 DEC
NEWS
6 DEC
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5 DEC
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3 DEC
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November 2016 Current affairs
30 NOV
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29 NOV
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28 NOV
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26 NOV
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25 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
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25 AUG
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