25 August 2016 Current Affairs GK: The Delhi Assembly has ratified the Goods and Services Tax (GST) Bill on 24 Aug 2016.
GST bill for the first time recognises Delhi as a state under the new Constitutional amendment to Art 366 - step in right direction finally.
Delhi Assembly passes the resolution to ratify 122nd Constitution amendment bill passed by both Houses of Parliament for creation of GST.
Earlier in the day, the Madhya Pradesh Assembly also passed the Goods and Services Tax (GST) Amendment Bill.
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST council which will decide the new tax rate and other issues.
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