Uttar Pradesh Assembly passes Goods and Service Tax (GST) unanimously. After passage from the lower house it will now be taken to upper house of legislature -Legislative council.
GST is the biggest economic reform by the union government. It will make country economically sound. There will be uniform market across the country, eliminating multiple taxes on any single commodity.
After the passage of bill by the assembly, Uttar Pradesh will join states like Uttarakhand, Jharkhand, Telangana, Bihar and Rajasthan whose legislatures have given their nod to the new tax regime.
Four key GST legislations — the Central GST Act, the Integrated GST Act, the GST (Compensation to States) Act and the Union Territory GST Act — were passed by the Parliament in its last session.
Different indirect taxes like the central excise duty, central sales tax and service tax are to be merged with the C-GST, while S-GST will subsume state sales tax, VAT, luxury tax and entertainment tax.
