13 April 2017 Current Affairs:
President Pranab Mukherjee has given his approval to four supporting legislations related to Goods and Services Tax (GST), paving the way for the roll out of ‘one nation, one tax’ regime from July 1.The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 2017, and The Union Territory GST Act, 2017, officials said on Thursday.
GST( Goods and sevices Tax)
Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016. The GST is administered & governed by GST Council and its Chairman is Union Finance Minister of India Arun Jaitley.
GST would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments