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of <h1>Goods and Services Tax Introduced by 101st Constitutional Amendment; Replaces Multiple Indirect Taxes, Establishes GST Council.</h1> The Constitution (101st Amendment) Act, 2016, introduces the Goods and Services Tax (GST) to provide concurrent taxing powers to both the Union and State governments, replacing multiple indirect taxes. It subsumes various central and state taxes, eliminates the concept of 'declared goods of special importance,' and imposes Integrated GST on inter-state transactions. An additional tax on inter-state trade is introduced for two years. The amendment establishes a GST Council to oversee GST-related issues, with decisions requiring a three-fourths majority of weighted votes. It also provides compensation to states for revenue loss due to GST implementation for up to five years.
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