CURRENT AFFAIRS

Detailed explanation-1: -The northern east state of Assam became first state in India to ratify The Constitution (122nd Amendment) (GST) Bill, 2014. In this regard, the Assam Assembly passed a resolution ratifying The Constitution (122nd Amendment) (GST) Bill, 2014 with simple majority.

Detailed explanation-2: -Detailed Solution. Assam became the first Indian state to ratify GST (Goods and Services Tax) Constitution amendment bill. GST (Goods and Services Tax) Constitution amendment bill was passed by the Indian Parliament in the year 2017 as One Hundred One constitution amendment act.

Detailed explanation-3: -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-4: -In order to implement GST, Constitutional (122nd Amendment) Bill (CAB for short) was introduced in the Parliament and passed by Rajya Sabha on 03rd August, 2016 and Lok Sabha on 08th August, 2016.

Detailed explanation-5: -The Constitution (101st) Amendment Act, 2016 requires the centre to compensate states for any revenue loss due to implementation of GST for a five-year period. To compensate states, an additional cess on certain goods and services will be levied under GST.