Cabinet clears GST Amendment Bill

March 15th, 2011 - 5:14 pm ICT by ANI  

Pranab Mukherjee New Delhi, Mar 15 (ANI): The Union Cabinet today approved the constitutional amendment bill to roll out the Goods and Services Tax (GST).

Talking to reporters outside Parliament, Union Finance Minister Pranab Mukherjee said that he will try to introduce the bill in the current session of parliament.

According to sources, a constitutional amendment bill is necessary as centre cannot impose a tax beyond manufacturing and states cannot levy service tax.

Under the GST, the centre and states will impose the tax on common goods and services.

Once GST is implemented, the state level VAT and the Centre excise duty and service tax will be done away with. (ANI)

Related Stories

Tags: , , , , , , , , , , , ,

Posted in National |