The Lok Sabha passed the Goods and Service Tax Constitutional Amendment Bill

Finance Minister Arun Jaitley spoke about GST saying that it will bring uniformity in tax across the country

• Arun Jaitley PTI

The Lok Sabha passed the Goods and Service Tax Constitutional Amendment Bill on Wednesday, with Union Finance Minister Arun Jaitley assuring the states that the Centre would compensate any tax losses suffered by them over the next five years.

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Lok Sabha passes GST Bill

Speaking in the Lok Sabha, Jaitley told the members that GST will bring a uniform tax structure across the country, adding that certain products like petroleum and alcohol have been kept out of the purview of the bill .However, even as the voting for the bill was on, the Congress party staged a walkout. Ultimately, the bill received the two-third majority needed for it to pass. Finance Minister Arun Jaitley spoke about GST saying that it will bring uniformity in tax across the country. "There will be no tax on tax. Today different layers of taxation exist. There will be uniformity of taxation across the country; there’ll be seamless transfer of goods and services." Stressing on the benefits of the act, he said that the GST Act will provide a 'fillip to trade'. He said, "GST will make India, which has a sixth of the world's population, a single market."

The NDA government wants to roll out GST by April, 2016. Jaitley emphasised the givernment's desire to pass the bill soon. "GST Bill is not a dancing instrument which will go jumping from Standing Committee to Standing Committee."

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