The newsflash summarises certain frequently asked questions (FAQs) on the Goods and Services Tax (GST) law.
On 3 August 2016, the Rajya Sabha passed the constitution amendment bill for the goods and services tax (GST), setting in motion the process for rolling out the country's single biggest tax reform. The amended Bill has to be again cleared by the Lok Sabha. Once the bill gets Parliament's nod, it will have to be ratified by 50% of the states assemblies and then receive the President’s assent. Subsequently, a GST council will be set up which will decide on the rates, threshold and dual control. Thereafter, two legislations-central GST (CGST) law and integrated GST (IGST) law will have to be passed by the Parliament and a state GST legislation by the state legislatures. Subsequent to the passage of the bills, the rules will be notified for finalizing the processes under GST.