Finance Minister Arun Jaitley has thanked all the political parties for their cooperation and contribution in making it possible to launch Goods and Services Tax with effect from 1st July this year. <br/><br/>In a letter addressed to the Presidents of the different political parties, Mr Jaitley asked the MPs and MLAs to equip themselves with the finer points of the Single Tax GST regime to explain the same to the people. He said GST is the most important tax reform since independence and is going to substantially ease doing of business in India. He said, it will promote new investment and contribute to the overall GDP growth and also help in removing the cascading effect of taxation giving relief to the common man. <br/><br/>The Finance Minister also said, in terms of revenue growth, GST will help all the consumption States. Mr Jaitley said if trade and industry faces any difficulty during the implementation phase, the representatives of the people should be equipped to handle the same. <br/>The 101st Constitutional Amendment Act for Goods and Services Tax was passed by Parliament and the same was notified on 8th September, 2016. Three laws which are the GST, IGST and UTGST have already been passed by Parliament while the SGST law has been passed by the 25 States so far.