India moved yet another step closer for rolling out the country’s biggest tax reform after the Lok Sabha on Wednesday approved four crucial bills required to implement Goods and Services Tax (GST).
The four bills--Central GST, Integrated GST, Union Territories GST and GST Compensation bills--were passed one by one through voice vote after almost 9 hours of intense debate.
Union finance minister Arun Jaitley explained to the lawmakers the implication of the GST bills.
The CGST and IGST bills will enable the Centre to levy and collect taxes across the country.
The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST.
The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.
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