The historic Goods and Services Tax (GST) regime came a step closer to meeting its 1 July rollout target, with the Lok Sabha approving four supplementary legislations.
The Central GST Bill, 2017; the Integrated GST Bill, 2017; the GST (Compensation to States) Bill, 2017; and the Union Territory GST Bill, 2017 were passed after negation of a host of amendments moved by the opposition parties.
Replying to the seven-hour-long debate, Finance Minister Arun Jaitley said the GST, which will usher in a uniform indirect tax regime in the country, will make commodities "slightly cheaper".
He said the GST rates would depend upon whether the commodity is used by a rich person or a common man.
Jaitley said once the new regime is implemented, the harassment of businesses by different authorities will end and India will be ‘one rate for one commodity’ throughout the country.
He said the GST Council, comprising Finance Ministers of the Union and states, had agreed to take a decision on bringing real estate within the ambit of the new tax regime within a year of its rollout.
Prime Minister Narendra Modi also hailed the passage of the GST supplementary bills by the Lok Sabha.
GST बिल पास होने पर सभी देशवासियों को बधाई | नया साल, नया कानून, नया भारत!— Narendra Modi (@narendramodi) March 29, 2017
(With inputs from PTI)
Video Editor: Mohd Ibrahim
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