Assam becomes first state to approve GST Bill

 chief minister of assam _Sarbananda SonowCurrent Affairs : Assam on Friday became the first state in the country to approve the constitution amendment bill on the Goods and Services Tax (GST) as the assembly unanimously passed the bill.
The state cabinet approved the bill on Friday morning, before it was placed in the House during the ongoing assembly session.
Important facts
  • Of the central GST portion, 42 per cent tax will be given back to the state. The GST will also have a special concession option for north-eastern and Himalayan states if they request reduction in taxes for any reason.
  • States can collect special tax during any natural calamity or disaster, subject to approval by the GST Council.
  • The Constitution (122nd Amendment) Bill for GST was passed by the Lok Sabha on Monday, with 443 members present in the House voting in favour of the legislation.
  • The deadline for the rollout of the GST is April 1, 2017.
  • At least 50 per cent of the states have to pass what is technically the Constitution (122nd  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 like 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.

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