All states will implement GST by July 2017. The Constitution Amendment Bill for Goods and Services Tax has been approved by the President of India post its approval in Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) and ratification by more than 50 per cent of state legislatures.
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GST is the tax system of the 21st century
The most important thing is to view it as a historic opportunity. It is the first major economy-related reform of the Constitution that has happened. It is also an opportunity to create a 21st century tax system.
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Most complex tax regime by far
The macroeconomic aspects of GST havenĂ´t been taken into account. If the government says that it will collect more revenue, then that means that prices will have to rise because itĂ´s an indirect tax. If prices rise, then industrial output would tend to stagnate or decline.