GST Bill Now Become Law : Hon’ble President of India Sh. Pranab Mukherjee has given assent to the Constitution (122nd Amendment) Bill, 2014.
The President has signed it, a government official said. The Constitution (122nd Amendment) (GST) Bill allows for introduction of GST that will replace multiple indirect taxes levied by centre and states, creating one national market that is expected to bump up GDP by as high as 2 per cent.
Once the date of the new tax is notified all state and central taxes that it subsumes will cease to exist.The government is looking to implement the new tax regime from April 1, 2017.
The digital copy of Act will be uploaded here after the same is published in official gazzet of India.