GST bill approved by President
Q. President Pranab Mukherjee on 8th September 2016 assented to the Constitution 122nd Amendment GST Bill as per which article of the constitution of India?- Published on 12 Sep 16a. 110
b. 111
c. 112
d. 113
ANSWER: 111
President Pranab Mukherjee on 8th September 2016 provided assent to the Constitution 122nd Amendment GST bill 2014 as per Article 111 of the Constitution of India.
- Following this assent, the bill was changed into a law and permits rolling out a new indirect tax regime
- Following the Presidential assent, bill will be notified to the GST Council that will decide the tax rate, cess and surcharges
- Council is to be headed by Union Finance Minister Arun Jaitley and comprised State Finance Ministers
- Union and state governments will have to draft the Central GST, state and Integrated GST laws for being passed in the winter session of the Parliament.
- CGST and IGST will be drafted on the basis of model GST law
- States will also draw their respective SGST laws with minor variation incorporating State based exemptions. IGST law will deal with inter state movement of goods and services
- GST is a single, indirect tax that will subsume most of the Central and State taxes such as Value Added Tax, excise and service tax, central sales tax, additional customs duty and special additional duty of customs
- Bill was passed by both houses of the Parliament in August 2016 and ratified by 19 states
- The bill needed ratification by legislative assemblies of at least 50 percent of the states.
- The first state to ratify the Bill was Assam. Other states which followed included Bihar, Jharkhand, Chattisgarh, HP, Gujarat, MP, Delhi, Nagaland, Maharashtra, Haryana, Sikkim, Mizoram, Telangana, Goa, Odisha, Rajasthan, Arunachal Pradesh and Andhra Pradesh
