The Finance Minister Mr. Pranab Mukherjee on Tuesday introduced the goods and services tax, GST Bill in the Lok Sabha. The proposed legislation will enable conferring simultaneous power on Parliament and state legislatures including union territories to make laws for levying tax on every transaction of goods or services. AIR correspondent reports that goods and services tax will replace a number of indirect taxes presently being charged by the Centre and the States. This is intended to remove cascading of taxes and provide a common national market for goods and services. The taxes under the new Law are proposed to be levied on all goods and services except those exempt or kept out of its purview. The Union Cabinet recently approved the Draft of the 115th Amendment Bill. Several rounds of discussions have been held with the State Finance Ministers on this Constitutional Amendment Bill.