New Delhi: President Pranab Mukherjee on Thursday signed the Goods and Services Tax (GST) Bill, paving the way for it to become law.
The law reportedly will come into effect from April 1 next year.
The President’s assent came after 16 of the 29 states ratified the bill over the past few weeks.
Meanwhile, Arunachal Pradesh ratified GST Constitution Amendment Bill to simplify the taxation by implementing single tax rates across the country.
The GST Constitution (122nd Amendment) Bill was passed by the Lok Sabha earlier in this month, with 443 members present in the House voting in favour of the legislation.
At least 16 states are required to ratify the Constitution Amendment Bill on GST. It will be then sent to the GST Council which will decide on the new tax rate as well as centre and state taxes that will be subsumed in the new tax regime.
The Council will be constituted after the Constitution amendment bill is notified.