Aparna Lucknow, India 601 Questions 0 Answers 0 Best Answers 678 Points View Profile Aparna Asked: September 30, 20212021-09-30T10:15:57+05:30 2021-09-30T10:15:57+05:30In: Polity What is One Hundred and First Amendment Act, 2016? What is One Hundred and First Amendment Act, 2016? constitution amendment Share Facebook 1 Answer Recent 0 Questions 518 Answers 176 Best Answers 0 Points View Profile Best Answer [Deleted User] 2021-09-30T10:18:30+05:30Added an answer on September 30, 2021 at 10:18 am Hundred and First Amendment Act, 2016 Paved the way for the introduction of the goods and services tax (GST) regime in the country. The GST shall replace a number of indirect taxes being levied by the Union and the State Government. The proposed Central and State GST will be levied on all transactions involving supply of goods and services, except those which are kept out of the purview of the GST. Accordingly, the amendment made the following provisions: Conferred concurrent taxing powers upon the Parliament and the State Legislatures to makes laws for levying GST on every transaction of supply of goods or services or both. Dispensed the concept of “declared goods of special importance” under the constitution. Provided for the levy of Integrated GST on inter-state transactions of goods and services. Provided for the establishment of a Goods and Services Tax Council by a presidential order. Made the provision of compensation to the states for loss of revenue arising on account of introduction of GST for a period of five years. Substituted and omitted certain entries in the Union and State Lists of the Seventh Schedule. 1 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer. Related Questions What is One Hundred and Fourth Amendment Act, 2020? What is One Hundred and Third Amendment Act, 2019?
Hundred and First Amendment Act, 2016