https://www.taxtmi.com/article/detailed?id=6977 President's assent enacts the Constitution (101st Amendment) Act, 2016, creating the Goods and Services Tax to subsume major indirect taxes and establish a unified national tax on supply of goods and services. The Act requires formation of a GST Council within sixty days-chaired by the Union Finance Minister with State Finance Ministers-to recommend GST rates, exemptions, dual control and adjudication rules, and treatment of surcharges and cesses. Parliament must pass CGST and IGST laws and States must pass SGST laws to operationalise the new tax, with a statutory compensation mechanism for State revenue loss. en-us Fri, 09 Sep 2016 21:59:25 +0530 Fri, 09 Sep 2016 21:59:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6977 President's assent enacts the Constitution (101st Amendment) Act, 2016, creating the Goods and Services Tax to subsume major indirect taxes and establish a unified national tax on supply of goods and services. The Act requires formation of a GST Council within sixty days-chaired by the Union Finance Minister with State Finance Ministers-to recommend GST rates, exemptions, dual control and adjudication rules, and treatment of surcharges and cesses. Parliament must pass CGST and IGST laws and States must pass SGST laws to operationalise the new tax, with a statutory compensation mechanism for State revenue loss. Articles Goods and Services Tax - GST Fri, 09 Sep 2016 21:59:25 +0530 https://www.taxtmi.com/article/detailed?id=6977