GST Bill debate in Lok Sabha: GST is a revolutionary bill, says Jaitley

With the debate on the Goods and Services Tax Bill (GST) underway in Lok Sabha, Union Finance Minister Arun Jaitley has said that the GST is a revolutionary bill, which will benefit all.

"It is a revolutionary bill which will benefit all," the Union minister said in Lok Sabha.

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Jaitley said that to make the bill a success, states and Centre have to work together.

"GST Council is India’s first federal institution in which the sovereignty of states and Centre have been pooled together to decide on taxes. States and Centre have to work together to make this work. We will have to honour this federal institution," he said, adding, "No additional tax will be imposed to provide compensation to states. States will be paid compensation within the existing mechanism," he said.

Saying that the bill should be passed through consensus, Jaitley said that 12 meetings in this regard have already been held.

"The GST council has been empowered to fix GST rates. The council has held 12 meetings so far and it has sent its recommendations for five GST laws" he said.

Meanwhile, reacting to the GST bill, presented by FM Jaitley, Congress leader Veerappa Moily said that the GST Bill was a big assault on the federal structure of the country.

"This is a very serious matter, just don't take shelter under constitutional amendment," Moily said in Lok Sabha.

"What you have brought today is not a game changer but only a baby step," he said, adding, "All Rajya Sabha members should resign as it is the biggest assault on Indian federal structure of the country."