GST will boost Indian economy: R.V. Deshpande

Bengaluru, Aug 3 : With the Rajya Sabha debating the Good and Service tax (GST) Bill, Karnataka Heavy Industries Minister R.V.

Deshpande today said one nation, one tax regime will start with the implementation of this landmark legislation, which will also boost the country's GDP.

The Congress leader emphasized on the fact that this legislation just cannot be passed, but it has to be implemented as well.

"For that there are lots of issues. Again it has to go to the Lok Sabha and the amendments whatever they do today have to be carried out. More than 50 percent of the states have to pass it then the President has to give his assent," Deshpande told the media here.

"Then the committee which has been constituted, the council, on this legislation will have to meet and decide.

So, we only want that at least it should be implemented by 1/4/2017," he added. Deshpande said this bill will attract more investment in the country and industries like automobile, manufacturing, pharma besides other consumer durables will get a boost.

"1.52 percent GDP of the country will grow. Naturally, the states will also be educated on the GST. More transparency will come. One nation, one tax regime will start," said Deshpande. "Whatever concerns the Congress Party had, very very good suggestions the Congress Party gave and they have been accepted by the Union Government," he added.

Union Finance Minister Arun Jaitley earlier said the GST Bill is one of the most important tax reforms in India's history, adding a reform like this legislation cannot be passed on partisan consensus.

The Rajya Sabha has taken up discussion on the One Hundred Twenty Second Constitution Amendment Bill, 2014, also known as the GST Bill.

When the House re-assembled post lunch, Jaitley moved the bill for consideration and passage. The BJP and Congress have issued a whip to all its members in the Rajya Sabha asking them to be present in the House for the next three days.

Source: ANI