GST bill passed in Lok Sabha
The Lok Sabha has signed off on the last batch of bills on GST and that means that India is just a step away from rolling out an indirect tax regime that will, for the first time, economically unify the country.
This game-changing tax reform initiative also puts in place a template for cooperative federalism because the states, thanks to the creation of the GST council, are as much stakeholders as the Centre.
The rollout has been made possible after the states and the centre agreed to merge their existing taxation powers to evolve a uniform tax structure.
To be sure, the state legislatures will also have to give their nod to the state GST bill to facilitate a pan-India rollout of the tax from July 1. This seminal piece of tax reform will be ready for implementation after the GST Council approves the classification of commodities under various slabs.