The Uttar Pradesh cabinet today approved the implementation of the Goods and Service Tax in the state and the bill associated with it will be tabled in the assembly session commencing May 15.
If the assembly ratifies the bill, Uttar Pradesh will become the fifth state after Jharkhand, Telangana, Bihar and Rajasthan to give its nod to GST.
The Narendra Modi government is keen on rolling out GST from July 1.
“The cabinet has approved the State Goods and Services Tax Bill, 2017 and it will be passed by the state assembly in the session commencing May 15,” UP minister Suresh Kumar Khanna said.
After GST is implemented, revenue of the state is likely to increase, he said. “If there is any burden on the state exchequer due to the implementation of GST, the government will meet it for next five years. Petroleum products will not be covered under GST,” Khanna said.
Four key GST legislations — the Central GST Act, the Integrated GST Act, the GST (Compensation to States) Act and the Union Territory GST Act — were passed by Parliament last month.
The four legislations, which have since got the President’s assent, aim to pave the way for the roll out of GST from July 1.
Seen as a path breaking step in the taxation regime, GST will ensure integration of both goods and services and will culminate in building a congenial and cohesive atmosphere for ease of doing business in India.