Union Finance Minister, Arun Jaitley is to lead the BJP government at the centre as Lok Sabha will discuss the Goods and Service Tax bills on Wednesday. It was earlier reported that FM Jaitley briefed all the BJP MPs following the party's parliamentary meeting on Tuesday. Jaitley is reported to have explained all the four bills in details to these MPs and spoken in details about how beneficial such legislations would be. The Narendra Modi-led Bhartiya Janata Party government expects to get the bill cleared in both the houses in this budget session as it is setting its sights on a July 1 implementation. The government is planning to have the bill passed in the lower house by March 29 or 30 so that it could be moved to Rajya Sabha, giving the government time to consider any amendments as suggested by the upper house. Once these bills get cleared the states could then take the S-GST to their respective assemblies. In light of the new development and the possibility of a new tax regime, there are a few questions that need to be asked. What is the Goods and Service Tax bill? The GST bill is the biggest economic reform in the country since 1991, even if we consider demonetisation in this respect. It is a reform in the country's Indirect Tax structure with aim of introducing a basic single tax on the supply of goods and services. The consumer, who comes at the end of the long chain of supply and delivery would only have to pay the GST, which would again be taken by the last supplier in the link. In simpler words, this would mean the absorption of all excise duties and service taxes and VATs under one tax. Under the current system, we have Value Added Tax on both state and central levels. VATs cover only sales and sellers cannot claim the credit against VAT paid on earlier purchases. It does not include a number of other taxes such as luxury and entertainment tax within the states, according to IE. Once GST is implemented it would ensure a complete and never ending sequence of tax credits. The seller at each stage would be able to set off his taxes at each stage. The consumer at the end of the line would only have to bear the tax charged by the last dealer 4 GST bills approved by the Government: Central GST (C-GST) The CGST bill applies when there is supply of goods or services taking place within the boundaries of a state by the Central government. In such a case, the CGST would levy and collect taxes. Integrated GST (I-GST): The IGST Bill determines the tax system in place to collect taxes on the supply of goods and\/or service between different states. Also watch: Union Territory GST Bill (UTGST): The UTGST is the tax regime for the collection of taxes and levies from Union Territories across the country without the involvement of any legislation. Compensation Bill: The Compensation Bill states that the states would be compensated for the losses they bear due to the GST implementation for 5 years. The implementation of the GST would mean a uniform tax regime, making it easier for both the customers and the entire line of suppliers to the producers. This will also mean open up new markets and a lot of scope for industries which could not venture into certain regions of the country due to favourable tax structures.