CURRENT AFFAIRS

Detailed explanation-1: -The Bill amends the Constitution to introduce the goods and services tax (GST). Parliament and state legislatures will have concurrent powers to make laws on GST. Only the centre may levy an integrated GST (IGST) on the interstate supply of goods and services and imports.

Detailed explanation-2: -Goods and Services Tax (GST) is an indirect tax used in India on the manufacture, sale, and consumption of goods and services in India. The president of India gave assent to the Central GST Law on 12th April 2017. It came into effect from 1st July 2017 in India.

Detailed explanation-3: -As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10th September, 2016.

Detailed explanation-4: -246A. (1) Notwithstanding anything contained in articles 246 and 254, Parliament, and, subject to clause (2), the Legislature of every State, have power to make laws with respect to goods and services tax imposed by the Union or by such State.