The Lok Sabha has taken up Amendments to 122nd Constitution Amendment Bill as approved by the Rajya Sabha for consideration and passage. The bill will pave the way for the roll out of Goods and Services Tax, GST regime across the country. <br/><br/>Finance Minsiter Arun Jaitley moved the bill in the House. Prime Minister Narendra Modi has just now intervened during the discussion. He thanked all the parties for supporting the bill . He said the passage of GST is not the victory of any party but that of the democracy. <br/><br/>Earlier, speaking on the Bill, Mr Jaitley said, the legislation will bring down tax rates on goods and there will be no tax on tax. He said, the new system will eradicate tax evasion. He said, the rate of taxation in the GST bill will be decided by GST Council.<br/><br/>The Finance Minister said, the Centre has addressed concerns of all states on GST to bring a consensus. Mr Jaitley said, in the previous GST bill of 2011 as envisaged by the UPA, there was no provision of providing compensation to the States for the loss of revenue. <br/><br/>He said, in the present bill, the government has made a provision of compensating for five years to States.<br/> Initiating the discussion, Veerappa Moily of Congress extended full support to the GST bill. He said, had there been a political consensus on it, this law would have come up long back. He said, the standard GST rate should not exceed 18 per cent. He also demanded proper safeguards against corruption and inflation.<br/><br/>The GST Bill is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.

The Lok Sabha has taken up Amendments to 122nd Constitution Amendment Bill as approved by the Rajya Sabha for consideration and passage. The bill will pave the way for the roll out of Goods and Services Tax, GST regime across the country. <br/><br/>Finance Minsiter Arun Jaitley moved the bill in the House. Prime Minister Narendra Modi was also present and he will intervene during the discussion. Speaking on the Bill, Mr Jaitley said, the legislation will bring down tax rates on goods and there will be no tax on tax. <br/><br/>He said, the new system will eradicate tax evasion. He said, the rate of taxation in the GST bill will be decided by GST Council. The Finance Minister said, the Centre has addressed concerns of all states on GST to bring a consensus. <br/><br/>Mr Jaitley said, in the previous GST bill of 2011 as envisaged by the UPA, there was no provision of providing compensation to the States for the loss of revenue. He said, in the present bill, the government has made a provision of compensating for five years to States.<br/><br/>Initiating the discussion, Veerappa Moily of Congress extended full support to the GST bill. He said, had there been a political consensus on it, this law would have come up long back. He said, the standard GST rate should not exceed 18 per cent. He also demanded proper safeguards against corruption and inflation.<br/><br/>The GST Bill is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace Central Excise, State VAT, entertainment, entry and luxury taxes to ensure seamless transfer of goods and services.