With the debate going on in Lok Sabha over the Goods and Services Tax Bill, Union Finance Minister Arun Jaitley said that states have pooled in their sovereignty into the GST council, and Centre has done the same. Jaitley had tabled the bill in the Parliament on Monday. The GST Bill, which the Union government plans to implement from July 1, has been touted as India's biggest tax reform. Here are five latest development on the discussion around GST Bill.

In the ongoing debate over GST Bill, Jaitley said that the Financial Bill will act as a cleanser in political funding and the government will issue electoral bonds.

Jaitley emphasized that he will share information for calling a tax raid only with the ‘Courts’.

Congress MP Anand Sharma asked why electoral reforms be brought under the Finance Bill.

AIADMK MP Venkatesh Babu said that the Tamil Nadu government is fully committed for successful implementation of GST.

Trinamool Congress walked out from the Rajya Sabha during the discussion on the Finance Bill, 2017.

Rajya Sabha witnessed a fierce face-off between senior Congress leaders Kapil Sibal, P Chidambaram and Finance Minister Arun Jaitley during the debate hour.

During the debate hour, Jaitley said that states have pooled in their sovereignty into the GST council, and Centre has done the same.

Reacting to the GST bill, presented by FM Jaitley, Congress leader Veerappa Moily said that this is a very serious matter. "This is a very serious matter, just don't take shelter under constitutional amendment," Moily said in Lok Sabha.

The Union government has asked the Lok Speaker Sumitra Mahajan to waive off zero hour for the debate.

The GST discussion is likely to last for 7 hours in the Lower House of the Parliament.

Expressing concerns about some clauses in the GST Bills, the Congress has said it will move amendments to the bills during debate hour.

Finance Minister Arun Jaitley on March 27 tabled the Central Goods & Services Tax Bill 2017 in the Lok Sabha along with Integrated Goods and Service Tax (I-GST), Union Territories- Goods and Service Tax (UT-GST). Jaitley last week had said the GST Council has cleared all the major hurdles for the GST Bill.

With the passing of the bill, GST is expected to boost GDP growth by about 2% as it removes inter-state barriers and turns India into single market, boosting efficiency and slashing costs.