Goods and Services Tax (GST):

President Pranab Mukherjee has given assent to following Goods and Services Tax(GST).

1) The GST (Compensation to States) Act, 2017:- provides for compensation to the states for the loss of revenue arising on account of implementation of the Goods and Services Tax.

2)  The Central GST Act, 2017.

3) The Integrated GST Act, 2017,and

4) The Union Territory GST Act, 2017:- for levy and collection of tax on intra-state supply of goods, services or both by the Union Territories. 

These bills were passed in Rajya Sabha on April, 6 th 2017 and by Lok Sabha on March 29 th 2017.

GST Council has finalised  5, 12, 18 and 28 per cent slab rates for GST Taxes.