The Union Cabinet on has reportedly approved the 122nd Constitutional Amendment Bill on the Goods and Services Tax (GST) on Wednesday, as per media reports. The central government led Prime Minister Modi may introduce GST bill in Parliament during the current session.
India will soon be a common market once GST implementation gets completed in the country. GST will become single indirect tax throughout the country by replacing all indirect taxes levied by the centre and state governments.
However, the central government will need consensus of all state governments for effective implementation of GST in the country.