New Delhi: The Rajya Sabha on Thursday passed four supplementary bills which will enable the government to roll out the landmark Goods and Services Tax (GST) on July 1.
The four bills are the Central GST (CGST) Bill, 2017, the Integrated GST (IGST) Bill, GST (Compensation to Sates) Bill, 2017 and the Union Territory GST (UTGST) Bill, 2017. Last month, the Lok Sabha had approved the four bills.
Replying to a debate on the bills in the Upper house, Minister of Finance Arun Jaitley said there is no hesitation in conceding that it is not a bill for which one person or one government should take credit.
Expressing his happiness on consensus over the bills, Jaitley said, “I am extremely happy at the fact that when it comes in larger interest of the nation, all political parties have spoken in one voice”.
Touted as the biggest indirect tax reform since independence, GST would subsume central excise, service tax and other local levies.