31 August 2016 Current Affairs: Mizoram Assembly has ratified the Goods and Services Tax (GST) Constitutional Amendment bill by adopting an official resolution, becoming 13th state to have approved the legislation.
The state legislature unanimously adopted the official resolution moved by Finance and Taxation Minister .
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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