India’s President Ratifies GST Legislation
India’s President MrPranab Mukherjee has approved legislation for introduction of a central goods and services tax effective July 1st. Mukherjee approved the Central GST Act in 2017, The Integrated GST Act 2017, The GST (Compensation to States) Act, 2017 and The Union Territory GST Act 2017.
The Goods and Services Tax will replace the centrally levied CENVAT, the central excise duty, service tax, customs duties, and any related surcharges. GST will also replace the state-level levies VAT, sales taxes, entertainment and gambling taxes, the luxury tax and related state surcharges.