Union Finance Minister Pranab Mukherjee Tuesday introduced the Goods and Services Tax (GST) Constitution Amendment Bill in the Parliament to facilitate implementation of GST which will facilitate implementation of a new tax regime that subsumes levies like excise, sales and service tax.
"The GST would replace a number of indirect taxes presently being levied by the central government and the state governments and is intended to remove cascading of taxes and provide a common national market for goods and services", said the statement of objects and reasons of the Bill.
The Bill provides for creation of a GST Council to be headed by Union Finance Minister. Besides, the bill proposed a GST Dispute Settlement Authority to deal with grievances of the centre and the state with regard to GST.
