President Mukherjee clears all four GST bills

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President Pranab Mukherjee on Thursday gave his assent to the GST bills, paving the way for it to become legislation.

The Goods and Services Tax bills were on April 6 passed in the Rajya Sabha.

President Pranab Mukherjee

"GST bill passed in Rajya Sabha today. On May 17-18, we will give final approval to rules and rates, looks like it can be implemented from 1 July...Happy at the fact that when it comes to enforcing GST bill all political parties came out in one voice," Finance Minister Arun Jaitley said after the RS passed the bill.

On March 29, the Lok Sabha cleared all the four bills for the launch of the Goods and Services Tax. It is the country's biggest tax reform since 1947. The aim of the GST is to unify India into a common market and eliminate several central and state levies.

[Rajya Sabha passes GST bill without amendments]

The GST Bills comprises of four bills -- Central Goods and Services Tax Bill 2017, Integrated Goods and Services Tax Bill 2017, Union Territory Goods and Services Tax Bill 2017, and Goods and Services Tax (Compensation to the States) Bill 2017. The Union Cabinet approved the four GST-related Bills on March 20.

The CGST Bill will enable collection of tax on inter-state supply of goods and services or both by the union government. The integrated GST Bill 2017 provides for the levy and collection of tax on inter-state supply.

The GST Compensation to States Bill is to provide compensation to the states for the loss of revenue that will arise on account of implementation of the GST. Similarly, the UTGST Bill is for the Union Territories such asthe Andaman and Nicobar Islands, the Lakshadweep, Daman and Diu, and Dadra and Nagar Haveli, which do not have their independent legislative assemblies.

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