https://www.taxtmi.com/news?id=17732 Approval of four supplementary enactments establishes the legislative framework for a nationwide Goods and Services Tax regime, subsuming central excise, service tax, VAT and other local levies into a unified indirect tax system. The scheme creates parallel Central and State GST laws, a compensation statute funded by a transient cess to offset state revenue losses, and vests rate classification and sectoral inclusion decisions with the GST Council, which implements a multi-tier structure and exemption for essential food items. en-us Thu, 30 Mar 2017 10:12:49 +0530 Thu, 30 Mar 2017 10:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=17732 Approval of four supplementary enactments establishes the legislative framework for a nationwide Goods and Services Tax regime, subsuming central excise, service tax, VAT and other local levies into a unified indirect tax system. The scheme creates parallel Central and State GST laws, a compensation statute funded by a transient cess to offset state revenue losses, and vests rate classification and sectoral inclusion decisions with the GST Council, which implements a multi-tier structure and exemption for essential food items. News - Thu, 30 Mar 2017 10:12:49 +0530 https://www.taxtmi.com/news?id=17732