The President has signed the landmark Goods and Services Tax Bill (GST), making it a law. Under GST, taxes previously imposed by the Centre and States such as Value Added Tax (VAT), excise duty, service tax, central sales tax, additional customs duty and special additional duty of customs, will be replaced with a common nation-wide taxation system.
The GST Council, which will decide on the tax rate, cess and surcharges, will be headed by Union Finance Minister Arun Jaitley.
