Indian Long-Awaited Single Indirect Tax Bill Signed Into Law

Indian President Pranab Mukherjee gave his assent to a new single indirect tax bill after its ratification by the majority of states, local media reported on Thursday.

MOSCOW (Sputnik) — GST Council chaired by Union Finance Minister Arun Jaitley will soon begin work making decisions on the tax rate, dispute resolution mechanism and other issues.

Mukherjee’s approval signifies an important step in the implementation of a new tax regime. Goods and Services Tax (GST) will facilitate a more convenient single market. A single tax will replace taxes imposed separately by states and federal government.

The government wants to roll out the new tax regime on April 1, 2017. By that time a new IT infrastructure will have to be put in place as well as the training schemes for tax officials.