CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Indian President Ratifies GST Legislation



Indian President Ratifies GST Legislation

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

19 April 2017

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.

TAGS: tax | value added tax (VAT) | India | VAT legislation | legislation

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »