31 August 2016 Current Affairs GK: Telangana Legislature (Legislative Assembly and Legislative Council) has ratified the Constitutional amendment Bill for the Goods and Services Tax (GST) on 31 august 2016.
Telangana has become the tenth State 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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