After an eight-hour long debate, the Lok Sabha last night passed four Goods and Serviced Tax (GST) related bills rejecting amendments moved by the opposition. The bills passed are the Central GST bill, the Integrated GST bill, the Union Territories GST bill and the GST Compensation. <br/><br/>The move has put the government on course for the launch of country's biggest tax reform on first of July. The bills will now be presented in the Rajya Sabha. The upper house can only suggest changes as the bills have been presented as money bills. <br/><br/>After Parliament's nod, a state GST bill will be presented in state assemblies for their approval. GST will subsume a slew of indirect taxes levied by the Centre and states, transforming India into a single market. Hailing the move Prime Minister Narendra Modi congratulated the countrymen on passing of GST Bill in Lok Sabha. In a tweet Mr. Modi said, it is New Year, New Bill and New India.<br/><br/>Union Finance Minister Arun Jaitley calling it a very significant step forward said, we seem to be on time and are reasonably optimistic about meeting the deadline. Replying to the debate, Finance Minister Arun Jaitley said, the GST will ensure free flow of goods and services across the country. He said, the goods will become slightly cheaper after multiplicity of taxes is removed. <br/><br/>To the opposition's objection to a GST with multiple rate slabs, the Finance Minister said, if there are no multiple rates, it will become a highly regressive tax as some goods are essential for the poor. Mr. Jaitley also said the division of powers between the centre and the states on taxes are clearly defined in the bill.