GST bill unanimously passed in Maharashtra Assembly

Posted on:30 Aug 2016 09:06:41

GST bill unanimously passed in Maharashtra Assembly
30 August 2016 Current Affairs GK: Maharashtra Legislative Assembly has ratified the Goods and Services Tax (GST) Constitutional Amendment Bill passed by the parliament.

The proposal was passed unanimously by the Lower House, making Maharashtra the ninth state to ratify the GST bill, billed as the biggest tax reform since Independence.

The Finance Minister Sudhir Mungantiwar tabled a resolution in the Assembly to ratify the bill.

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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