GST bill: President Pranab Mukherjee approves four supporting legislations

GST bill: President Pranab Mukherjee approves(अनुमोदित) four supporting legislations

President Pranab Mukherjee on April 13 approved four supporting legislations (कानून) related to the Goods and Services Tax (GST). Earlier today, Revenue Secretary Hasmukh Adhia in an interview with the media pointed out that the services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, he said, “Yes, for the services sector the standard rate may move to 18 per cent,” but sectors like healthcare, education and agriculture are likely to remain unaffected(अप्रभावित). 

Finance Minister Arun Jaitley along with his ministry officials today presented a blueprint to the Council of Ministers for launch of the path-breaking GST from July 1 to transform the Indian economy. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council — the supreme executive organ headed by Prime Minister Narendra Modi — on how the Goods and Services Tax (GST) will be implemented and the challenges before it is rolled out. The biggest tax reform since Independence(आजादी), GST has been in the works for more than a decade. It will transform the USD 2 trillion economy and market of 1.3 billion people into a single economic zone with a single national sales tax.