02 September 2016 Current Affairs GK: The Goa Legislative Assembly has unanimously passed a resolution ratifying the amendments to the Constitution to pave way for the presidential assent to the Goods and Services (GST) Bill, 2016.
Goa is the 15th State Assembly to ratify the Bill. With this, 50% of States have passed the Bill paving way for the presidential assent.
GST is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, excise duty etc. This is how it is done in most developed countries.
It will be a comprehensive nationwide indirect tax on the manufacture, sale, and consumption of goods and services.
The aim is to have one indirect tax for the whole nation, which will make India a unified common market.
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