The Lok Sabha has passed the Goods and Services Tax Bill rejecting opposition demand for sending it to the Standing Committee. Being a Constitution Amendment Bill, it was passed by two thirds majority of the members present and voting. The Goods and Services Tax is proposed to be implemented from 1st of April next year. It seeks to create a new indirect tax regime which will subsume various central and state levies. They include sales tax, excise and services tax except taxes on the supply of alcohol for human consumption and petroleum products. The whole process of indirect taxation in the country will change once the GST is implemented.Finance Minister Arun Jaitley assured the States that the Centre will compensate the tax losses suffered by states for the next five years in case of implementation of the Goods and Services Tax. Now, the bill will go to the Rajya Sabha where the ruling party is in minority. Though the government has been successful in seeking support of TMC and BJD in the Lok Sabha, demand by the Congress for referring the bill to the Select Committee of the House cannot be ruled out.