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President Pranab Mukherjee on Thursday signed four enabling Bills related to the goods and services tax (GST) into law, taking the country a step closer to its biggest indirect tax reform.
The President has given his assent to the Central GST Act, 2017, the Union Territory GST Act, 2017, the Integrated GST Act, 2017 and the GST (Compensation to States) Act, 2017.
“These Bills have been enacted on April 12,” said the Central Board of Excise and Customs. The tax now has legal backing.
The four pieces of legislation were passed by Parliament in the second half of the Budget Session, which concluded on Wednesday.
State governments are now expected to call a special session of their respective Assemblies to pass the State GST Bill.
The Centre is hoping to implement GST across the country from July 1, 2017.
The GST Council will meet on May 18 and 19 to finalise the fitment of commodities in the four-tier rate structure and draft rules.
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