The Union government on Friday tabled the much anticipated goods and services tax (GST) constitutional amendment Bill in the Lok Sabha.
Making a statement in the lower house, finance minister Arun Jaitley said that the government has accommodated concerns raised by the states.
“The government has added several safeguards to GST constitutional amendment Bill and will compensate states’ losses initially,” he said.
Allaying fears of various states and its representatives, Jaitley said, “Government has made sure that no state loses money and it will be a win-win situation for all.”
Exuding confidence that both centre and state will benefit from GST rollout, he said, “I am certain that Maharashtra will benefit from GST rollout from day one”.
The finance minister also added that government is open to all suggestions regarding GST.
The Cabinet this week had approved the Constitution Amendment Bill on Goods and Services Tax (GST), clearing the way for its introduction in ongoing session of Parliament to bring about long-pending indirect tax reforms.
The government aims to roll out the Goods and Services Tax (GST) from April 1, 2016.
The GST will subsume most of the indirect taxes like excise duty and service tax at the central level and VAT and local levies on the states front.
The GST Bill was last introduced in the Lok Sabha in 2011 by the then UPA government but lapsed, requiring the new NDA government to come with a new Bill.
