Been in the spanner-works for almost a decade, the slogan of “One Nation One Tax” will now no more be a fiction!
The Indian Parliament on August 8, 2016 passed the most awaited ‘Constitutional Amendment Bill’ to introduce levy of GST in India. This bill will now be sent to the President of India for approval, after which majority State governments will have to get it approved in their respective assemblies.
With the passage of this bill, as part of India’s federal structure, a GST law would be implemented concurrently by the Central government and respective State governments.
While there have been significant tax and regulatory reforms pushed by the Narendra Modi Government, GST has been identified as one of most important tax reforms post-independence. The Government continues to push forward in full steam, with the agenda of implementing GST in the next financial year (starting April 1, 2017).
In this article, we attempt to give our readers a basic overview of what GST entails, and how it impacts foreign organizations for their India plans and operations.
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