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First Indian State Approves Goods And Services Tax

by Mary Swire, Tax-News.com, Hong Kong

15 August 2016


Indian state Assam has thrown its support behind legislation to introduce a goods and services tax in India, following endorsement from the nation's parliament.

The state said that, on behalf of its businesses, it wanted to make a statement by being the first jurisdiction to approve the change, noting the considerable benefits of goods and services tax.

Under the GST proposals, the various elements of the existing indirect tax regime will be replaced by a comprehensive dual-GST system, with Central GST and State GST to be levied concurrently by the center (federal Government) and the states, respectively.

GST may now expected to be rolled out on April 1 next year. However, the Bill still needs to be ratified by 50 percent of Indian states.

The state's Chief Minister wrote on Twitter on August 11: "A historic resolution was passed in Assam Assembly as Assam became the first State to ratify the Constitutional Amendment Bill relating to GST."

"I am sure Assam will benefit from the GST through higher economic growth and better revenue collection."

TAGS: compliance | tax | business | value added tax (VAT) | India | VAT legislation | legislation | services | VAT compliance matters

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