New Delhi, Aug 4 : As Rajya Sabha passed the GST Bill yesterday, Union Information and Broadcasting Minister M.
Venkaiah Naidu on Thursday said the 'opposition had its say, the government had its way and the people's will prevailed' with this historic achievement.
Naidu expressed gratitude to all the political parties for lending their support in the passage of one of the biggest tax reforms in the country's history.
Naidu, who was earlier the Parliamentary Affairs Minister, said this bill has been made possible under the guidance of Prime Minister Narendra Modi and the leadership of Finance Minister Arun Jaitley.
"To fulfill the expectations of the people, all the state governments and the different parties supported the bill.
A lot of hard work went into it," said Naidu. "Our Prime Minister met all states chiefs separately in this regard and addressed their concerns. All political parties put in their view points, so this bill was passed after a lot of discussion and brain storming," said Naidu.
"So in the end, the opposition had its say and the government had its way, the people's will has prevailed and the GST Bill has been passed," he added.
Elucidating on the benefits of this bill, Naidu said this will give a boost to the economy and help control inflation.
"Now, it will go to the states, I believe every state will pass it. After this, the GST Council will meet then we will formulate ideas as we want to implement it from next year," said Naidu.
"This will help the Indian economy to grow. It can give 1.5 to 2 percent hike to the economy. This will help control inflation and boost business and exports. This will put an end to confusions regard taxes as there will be one single tax all over the nation," he added.
The Rajya Sabha yesterday passed the long-standing 122nd Constitution Amendment Bill commonly known as the GST Bill.
The legislation is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.
Replying to over seven hours hour long debate on the bill, Jaitley said the government would try for the most reasonable rate for GST.
He said the system will become more efficient with GST, adding there would be no tax on tax and evasion would become more difficult.
He also dismissed the apprehension of members that the Centre would have veto power in the proposed GST Council, saying it would have only one-third weightage in it.
Moving the bill, Jaitley termed the legislation as one of the most significant tax reforms in the country's history.
He said the GST Bill would boost the economy, which is now in a critical stage and put in place a uniform market in the country.
Jaitley said the bill will enable a seamless country-wide transfer of goods besides empowering the Centre and the states to increase their revenues.
The Finance Minister said the GST would serve the interest of the federal system in the best possible manner.