Assam becomes first state to ratify GST bill

Guwahati, August 12 (IANS): Assam on Friday became the first state to ratify the Constitution amendment bill related with the Goods and Services Tax, following its passage by both houses of parliament this month.     "A historic resolution was passed in Assam Assembly as Assam became the 1st State to ratify the Constitutional Amendment Bill relating to GST," Chief Minister Sarbananda Sonowal tweeted soon after it was ratified.     "I am sure Assam will benefit from the GST through higher economic growth and better revenue collection," said the 53-year-old chief minister, who is a senior leader of the Bharatiya Janata Party (BJP).  

  At least 50 per cent of the states have to pass what is technically the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, for the next steps of legislative action to follow, to ultimately introduce a pan-India Goods and Services Tax regime.     The new regime seeks to subsume all central indirect levies like excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market.