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15 September 2016

India Constitution Bill of GST receives Presidential assent

With the support of more than 15 Indian States ratifying the Constitutional Amendment Bill to introduce GST, on September 8, the President of India has given his assent converting the Bill into formal legislation. Additionally, the Bill formally approved the formation of GST Council by the Union Cabinet. The GST Council, comprising of the Union Minister of Finance (as Chairperson), the Union Minister of State for Revenue/Finance and the State Ministers (of Finance or equivalent) shall recommend the GST rates, threshold for registration, exemptions, etc. The GST Council is expected to hold its first meeting on September 22 - 23.

A Tax Alert prepared by EY's US Global VAT group, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-1553

Document ID: 2016-1553

 

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