The long wait for GST is finally going to be over. With the passage of Constitution Amendment Bill, 2016 for GST has been passed in Rajya Sabha on 3th August, 2016 and in Lok Sabha on 8th August, 2016. The GST Laws is aimed to replace all indirect taxes levied on goods and services by the Central Government and Statement Government. The Government is expected to implement new GST laws from April, 2017.
The Government has already been started its preparations to implement the GST in terms of information technology, transitional provisions, data exchange system and other administrative issues. However, tax payers have not prepared anything till now. This would create huge burden to change on fast basis.