1. The 101st Constitutional Amendment of 2016 is the most far-reaching change from a fiscal perspective since the formation of the first Finance Commission in 1951, providing concurrent powers to the Center and the states in the matter of indirect taxation.

2. This amendment introduced a national Goods and Services Tax (GST) in India from 1 July 2017.

3. GST is based on a concurrent system of indirect taxes, where central and state GST is imposed on every transaction.

1. The Constituent Assembly passed the Constitution of India on November 26, 1949, but it came into force on January 26, 1950. India came into existence as a Republic on January 26, 1950.

2. The Constituent Assembly was established on December 9, 1946, to frame the Constitution of India. There were a total of 389 members in the Constituent Assembly, out of which 299 members were from the Indian National Congress. The Constituent Assembly drafted the Constitution in 2 years, 11 months and 18 days.

3. The Constitution of India is a written constitution. It is the longest-written constitution in the world. It consists of 395 articles, 8 schedules and 12 schedules. The Constitution sets out the structure, powers and functions of the Government of India. It also ensures the rights and freedoms of the citizens.