India GST hits 50% state approval
- Aug 31, 2016 | Richard Asquith
Over 50% of the Indian states have now approved the implementation of the new Goods & Services Tax Bill. This means the legislation can now been approved by the President of the country. The final obstacle, setting a nation-wide GST rate, remains to be overcome. The should be resolved in November
Odisha was the 16th of the 31 Indian states to approve the Constitutional Amendment Bill. It took 23 days to reach this majority milestone, ahead of the scheduled 30 days.
Indian GST will replace a swath of indirect tax, including: VAT; CENVAT; Service Tax; excise duties; and Professional Tax. As well as simplifying bureaucracy, it will reduce the overlapping taxes which result in compounding taxes.