Finance Minister Arun Jaitley, speaking on the GST bill in Parliament on Monday, said majority of political parties have backed the legislation.
“Centre has addressed concerns of all states on GST,” said Jaitley in Lok Sabha while moving the Constitution Amendment Bill.
“We are making an attempt to make one nation, one tax to avoid complexities. Government is trying to accommodate opinions of all parties,” Jaitley added.
Tax evasion, multiplicity and cascading effect of taxes will reduce once GST is implemented, the Finance Minister said. He added that the rates of taxation will be decided by the GST Council.
Responding, Congress leader Veerappa Moily said that the bill ‘is not flawless, but has our support’.
“(It is) too early to say whether GST is a game-changer. Gains will depend on architecture, engineering, management aspects of the new levy,” he added.
GST, the biggest economic reform since 1991, is likely to sail through smoothly in the Lower House. It will replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world’s biggest single market.
