New Delhi: President Pranab Mukherjee on Thursday gave his nod to four supporting legislations related to Goods and Services Tax (GST) Bill.
Earlier this month, the Rajya Sabha passed four GST Bills without amendments setting the stage for the government for the launch on July 1.
Just before the bills were voted on after an eight-hour debate in the Upper House, former prime minister Dr Manmohan Singh intervened and asked his party not to seek changes in them to ‘maintain consensus and federal agreement.’
Replying to the debate, Union Finance Minister Arun Jaitley said that GST would not lead to inflation.
He said once the new tax regime was implemented, the harassment that businesses face having to deal with multiple authorities would end and added that India would have one rate for one commodity throughout the country.
The four bills passed on April 6 – the Central GST bill, the Integrated GST bill, the Union Territories GST bill and the compensation law – have already been cleared by the Lok Sabha, where the government enjoys majority.
Now, a state GST Bill will be presented in the state assemblies for their approval.
The GST rates will be discussed by the powerful GST Council on May 18-19.