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Assam becomes first state to ratify GST Bill

Assam becomes first state to ratify GST bill |

Assam on Friday became the first state to ratify the Constitution Amendment Bill on Goods and Services Tax (GST).

"A historic resolution was passed in Assam Assembly as Assam became the 1st state to ratify the Constitutional Amendment Bill relating to GST," Chief Minister Sarbananda Sonowal tweeted.

Both houses of Parliament passed the bill.

"I am sure Assam will benefit from the GST through higher economic growth and better revenue collection," he added.

At least 50 per cent of the states have to pass the bill for the next steps of legislative action to follow, to ultimately introduce a pan-India Goods and Services Tax regime.

The new tax regime seeks to subsume all central indirect levies like excise duty, countervailing duty and service tax, and state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market.