03 September 2016 Current Affairs GK: Odisha has become the 16th state to ratify the constitutional amendment bill passed by Parliament to introduce the goods and services tax (GST), helping cross the important threshold of more than half the number of states needed for the proposed law to be sent for presidential assent.
Once the Constitution (122nd Amendment) (GST) Bill gets the President's assent, the government will be able to set up the GST Council, a body of central and state representatives that will work out the details of India's biggest tax reform.
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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