The Union Cabinet today approved the process, formation and functioning of the Goods and Services Tax (GST) Council. Official sources said this in New Delhi. On Thursday, President Pranab Mukherjee had given his assent to the 122nd Constitutional Amendment Bill which will pave the way for rollout of GST.<br/><br/>The new tax regime will do away with the indirect taxes and usher in one tax for the entire country. Over 18 States have ratified the bill. The GST is a single indirect tax which will subsume most of the central and state taxes such as VAT, excise duty, service tax and central sales tax. The decision will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.