India GST launch advances
The lower house of the Indian parliament (Lok Sabha) has approved this week 4 key bills for the implementation of a new Goods and Services Tax on 1 July. The bills include:
- The Central GST Bill
- The Integrated GST Bill
- The Union Territory GST Bill
- The GST Compensation Bill.
A further law, the State GST Tax Bill will past through the local states’ assemblies.
The new indirect tax will introduce 4 rates of indirect tax (5%, 12%, 18% and 28%), replacing many overlapping and bureaucratic taxes including VAT and Service Tax.
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