the new tax bill took effect in december 2017.
the new tax bill took effect in december 2017.
when did the new tax bill take effect?
december 2017
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a 21-member selected committee was formed to look into the proposed gst laws. after gst council approved the central goods and services tax bill 2017 (the cgst bill), the integrated goods and services tax bill 2017 (the igst bill), the union territory goods and services tax bill 2017 (the utgst bill), the goods and services tax (compensation to the states) bill 2017 (the compensation bill), these bills were passed by the lok sabha on 29 march 2017. the rajya sabha passed these bills on 6 april 2017 and were then enacted as acts on 12 april 2017. thereafter, state legislatures of different states have passed respective state goods and services tax bills. after the enactment of various gst laws, goods and services tax was launched all over india with effect from 1 july 2017. the jammu and kashmir state legislature passed its gst act on 7 july 2017, thereby ensuring that the entire nation is brought under an unified indirect taxation system. there was to be no gst on the sale and purchase of securities. that continues to be governed by securities transaction tax (stt).
goods and services tax (india)