Odisha becomes the 16th state to approve the Goods and Services Tax (GST) Bill, the Constitution amendment is ready to send for the President’s consent before being notified as law.
The consent from 16 states has come far ahead of the deadline of rolling out the new taxation system from April 1, 2017. The bill will be now sent to President Pranab Mukherjee for his approval.
“With Odisha approval the Constitutional Amendment bill for GST, minimum requirement of 50 percent states confirming the bill is complete,” said revenue secretary Hasmukh Adhia in a tweet.
“Glad to inform that we are in front of our schedule for implementation of GST bill. Rather than 30 days kept for this it is accomplished in 23 days,” he said in another tweet.
The Odisha Assembly accepted the Bill through a voice vote after discussion for around four hours amid a one-day special session gathered just to ratify the GST Bill.
Odisha Chief Minister Naveen Patnaik, who moved the constitutional resolution for the 122nd amendment Bill, 2014, said there are many challenges to roll out the GST next year.
“We have to set up legal frameworks through ratification of GST laws by the Centre and the states, put in place a strong information technology-based platform for administering the new tax, deal with the change through training of the tax administrators and officials, familiarize the members of trade and industry with the procedure of the new taxation system and sensitize the public about its impact,” he said.
The chief minister said that the GST will profit the Centre and the states but also customers, business and industry. The Constitutional Amendment Bill for Goods and Service Tax was passed by Parliament on August 8.
The government is scheduling to roll out the indirect tax regime from April 1, 2017. While the Centre government has to draft the CGST and IGST laws, the states will have to come up with an SGST law.
Goods and Service Tax rate will have to be accepted by the GST Council, including the Union Finance Minister and representatives of all the 31 states and Union Territories.
Assam was the first state to approve GST bill.