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Indian President approves Goods and Services Tax Bill

Indian President Pranab Mukherjee gave his assent to the new tax bill on Thursday. Photograph: (Getty)

Delhi, India Sep 08, 2016, 10.00 PM (IST)
Indian President Pranab Mukherjee on Thursday approved the Goods and Services Tax (GST) Bill.

The Goods and Services Tax will subsume a host of taxes that is currently charged by the the federal and state governments. 

The president's nod paves way for the creation of a GST council, a body that will decide the tax rate, cess and surcharges. 

Focus will also shift on to the states which are yet to ratify the GST Bill. So far, 18 out of 29 states have green-lit the bill. 

A flagship tax reform, Indian Prime Minister Narendra Modi is keen to implement it from the next fiscal year..

The passing of the Bill in in the Indian Parliament on August 8 had its fair share of political bickering and differences. 

(WION with inputs from PTI)

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