The Maharashtra State Legislative Assembly yesterday unanimously passed the State Goods and Services Tax (SGST) Bill in a special session.
The three-day special session to discuss and pass the bill, to pave the way for the roll-out of GST on July 1.
In the Special session started saturday, the Assembly had passed three bills, including the State Goods and Services Tax Bill (SGST Bill), related to the compensation to local authorities and a bill on the existing laws to be repealed when the GST is expected to come into effect from July 1.
After the passage of the bill in the Lower House and Upper House, Chief Minister Devendra Fadnavis thanked everyone for their cooperation. “All political parties had unanimity over the GST Bill. Today, this supreme House has unanimously passed this bill. I thank the House for this,” he said.
Maharashtra Finance Minister Sudhir Mungantiwar said in the Assembly that the government would ensure GST did not hamper financial autonomy of local self government bodies.
“The government has accepted the responsibility of compensation to local bodies for five years for the loss of revenue due to abolition of octroi and local body tax due to GST,” he added.
Earlier the Legislative Assembles of Telangana, Bihar, Jharkhand, Uttarakhand, Madhya Pradesh , Haryana, Goa, Gujarat, Andhra Pradesh and Uttar Pradesh , Puducherry and Odisha passed the bill.
GST: An Overview of Tax Rates fixed for Goods [Read the Complete Chart]
On May 19th the Government has fixed the rate of tax for goods and services under the new indirect tax regime. With regard to the GST on services, the council broadly agreed on 4 tax brackets having 5%, 12%, 18% and 28% of tax instead of the current uniform rate.
