Delhi Assembly ratified the Goods and Service Tax (GST) Constitution Amendment Bill, becoming the 8th State to clear the proposed tax regime.
Delhi’s share in central taxes has been stagnant at Rs. 325 crore for the last 17 year and rolling out of GST is expected to increase its share in central taxes significantly.
The 122nd Constitution Amendment Bill has already been ratified by Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Assam, Gujarat and Madhya Pradesh.
Delhi is the third non-NDA state after Bihar and Himachal to ratify the bill.
The GST bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST council which will decide the new tax rate and other issues.
The Lok Sabha had passed the GST bill on August 9 while Rajya Sabha cleared it on August 4.