24 August 2016 Current Affairs GK: Chhattisgarh Legislative Assembly has unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) that was passed by the Parliament this month.
The resolution was tabled by the state’s commercial tax minister, Amar Agrawal in the special session of the Chhattisgarh Assembly convened.
This was the first occasion when a special session of the state legislative assembly was convened in the 16-year-old state.
Chhattisgarh would be probably the fourth state after Assam, Bihar, Himachal Pradesh and Jharkhand to ratify the GST Bill, described as India's biggest tax reform. The Bill requires consent of at least 15 state legislatures before the President could 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.
The state’s right to impose taxes would be restricted while it would not be in a possible to exempt any tax following local demand.
The Chief Minister clarified that the initially the states would have to bear the revenue loss that the Centre would be compensating for five years.
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