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India's President, Pranab Mukherjee, has approved legislation for the introduction of goods and services tax from July 1.
Mukherjee approved The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 2017, and The Union Territory GST Act, 2017.
The Goods and Services Tax will replace the centrally levied CENVAT, the central excise duty, service tax, customs duties, and any related surcharges. GST will also replace the state-level levies VAT, sales taxes, entertainment and gambling taxes, the luxury tax, certain entry taxes, and related state surcharges.
Rates for the new regime have yet to be officially confirmed. The GST Council, formed of representatives from the central, state, and territorial governments, will meet to agree these in May.
The new regime is also expected to yield large benefits for the Indian economy. The IMF projected in February 2017 that India Inc could grow at a rate above eight percent, compared with a projection of 6.6 percent growth in FY2016/17, specifically as a result of GST.
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