The Goods and Service Tax (GST) which will come in force from July 1st, will unify the country’s economy into a common market and eliminate a string of central and state levies.
The act is significant as the BMC gets a considerable share of its revenue through octroi, which will now be scrapped with the introduction of the GST regime.
Earlier, the Rajya Sabha passed four GST Bills without amendments setting the stage for the government for the launch on July 1.
Union Finance Minister Arun Jaitley had said that the GST would lead to new tax regime.
The four bills passed on April 6 – the Central GST bill, the Integrated GST bill, the Union Territories GST bill and the compensation law – have already been cleared by the Lok Sabha, where the government enjoys majority.