GST will make India an ‘integrated market, says FM Jaitley; moves GST Constitution Amendment Bill in Lok Sabha

By: | Updated: August 8, 2016 2:55 PM

Moving the GST Constitution Amendment Bill in Lok Sabha, Finance Minister Arun Jaitley today said that the Goods and Services Tax will go a long way in helping the country.

GST, GST in Lok Sabha, GST latest news, Goods and Services TaxFM Arun Jaitley said: When our government came to power, we tried to get the consensus of all states on GST. (PTI Photo)

Moving the GST Constitution Amendment Bill in Lok Sabha, Finance Minister Arun Jaitley today said that the Goods and Services Tax will go a long way in helping the country. “When our government came to power, we tried to get the consensus of all states on GST. We assured them that they will not suffer revenue loss as a result of GST.” “We got suggestions to unify indirect taxes under GST. The government is trying to accommodate opinions of all the parties. Majority of political parties have supported the GST,” Jaitley said. The Finance Minister also said that the whole country will become “one integrated market” under the GST.

Later in the day Prime Minister Narendra Modi is also expected to intervene in the GST discussion in Lok Sabha. The Prime Minister was not present in the Rajya Sabha on the day that the historic tax reform bill was passed, a fact that Congress had been quick to point out. The GST Bill, after being pending for several years, was passed by the Upper House and now, with Lok Sabha all set to give its nod to the GST Constitution Amendment Bill, the indirect tax reform may see the light of the day soon. The GST Bill was approved by the Rajya Sabha with 203 votes in favour and none against.

WATCH: GST in Lok Sabha today

Three more legislations will now need to be passed at the state and centre level for the Bill to become an Act. As the April 1, 2017 deadline looms, the government is trying its best to meet it.

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