Recently, the Rayan Sabha, the Upper House of the Indian Parliament passed the 122nd Constitution Amendment Bill, which introduces the Goods and Services Tax (GST).
The goal of the GST is to amalgamate “a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.” The rates for levy would be decided upon jointly by the Centre and States according to the Central Board of Excise and Customs (CBEC).
The GST has a target implementation date of April 1, 2017.
The overview of the GST can be accessed here
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