New Delhi [India], Mar. 30 : The Centre has termed the approval of four supplementary bills related to the Goods and Service Tax (GST) in the Lok Sabha as "historic" and stated that the passage of the bills would bring India under 'one country, one tax' regime.
Parliamentary Affairs Minister Ananth Kumar crediting Prime Minister Narendra Modi said that the Bill would benefit the people.
"Under the transformative leadership of Prime Minister Narendra Modi, the GST related all the four bills have been passed by the Lok sabha, and on new year, a new tax regime has been unfolded for the benefit of 125 crore of people of India .
One country one tax has become a reality" he said. Stressing that the GST Bill would play significant role in improving the financial stability of the county, Minister of State for Finance Arjun Ram Meghwal said that the country, under the new tax regime, would achieve higher GDP growth rates.
"It is one of the historic moments of Indian democracy. After Independence many laws may have been introduced to improve financial stability but the passage of the four GST Bills will play a significant role in improving financial stability of the country," Meghwal told ANI.
"India has now moved towards one national one tax regime. Upon implementation, GDP will improve, receiving FDI investment would be easy. These Bills would play important role in Prime Minister Modi's concept of new India," he added. Four Bills were passed yesterday after the Centre did not approve amendments moved by the opposition parties.
Among the Bills that were passed are The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017.
Finance Minister Arun Jaitley yesterday said the passage of the Bill in the House was history is in the making, adding that the country will witness transforming into a new system of indirect taxation.
Jaitley further informed that the other subordinate legislations will also be considered by the GST Council on March 31 and once that is approved, the principal task would remain fixing of tariff against every commodity for which a formula has already been devised.