GST Bill passes by Rajya Sabha
GST Bill passes by Rajya Sabha

The Goods and services Tax (GST) Bill finally got passed yesterday by the Rajya Sabha. The Lok sabha by rejecting amendments moved by the opposition on 29th march passed the four bills related to GST Bills i.e Central GST, Integrated GST, UT GST and GST Compensation.

The bill as per now is scheduled to be implemented from July 1, 2017, onwards. The Union Minister Arun Jaitley as per the sources new said that the prime objective of the GST is to have one tax and each assessee with one assessing officer. Under the GST, for one commodity there will be only one tax rate in the country.

The Central GST deals with taxation related to Centre, integrated GST deals taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.

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