Assam becomes first Indian state to ratify GST bill | india-news | Hindustan Times
Today in New Delhi, India
Oct 17, 2017-Tuesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Assam becomes first Indian state to ratify GST bill

Assam became the first state on Friday to ratify the Constitution amendment bill related with the Goods and Services Tax, following its passage by both Houses of Parliament this month.

india Updated: Aug 12, 2016 13:28 IST
Assam became the first state to ratify the Goods and Services Tax bill on Friday.
Assam became the first state to ratify the Goods and Services Tax bill on Friday.(AFP Photo)

Assam became the first state on Friday to ratify the Constitution amendment bill related with the Goods and Services Tax, following its passage by both Houses of Parliament this month.

“A historic resolution was passed in Assam Assembly as Assam became the 1st state to ratify the Constitutional Amendment Bill related to GST,” chief minister Sarbananda Sonowal tweeted after it was ratified.

“I am sure Assam will benefit from the GST through higher economic growth and better revenue collection,” said the 53-year-old chief minister, who is a senior leader of the Bharatiya Janata Party (BJP).

At least 50% of the states have to pass what is the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, for the next steps of legislative action to follow, to ultimately introduce a pan-India Goods and Services Tax regime.

The new regime seeks to subsume all central indirect levies such as excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market.