The Constitution Amendment Bill on Goods and Services Tax, that will pave the way for a mega tax reform, was tabled in the Lok Sabha today.
In the Rajya Sabha, Finance Minister Arun Jaitley said the government would formally take up the bill and seek to pass in the next session of Parliament.
The current session ends on Tuesday next.
The GST provides a major taxation reform by introducing a national sales tax that will replace a myriad of overlapping state duties that deter investment.
The cabinet this week approved a constitutional amendment bill that paves the way for the introduction of GST.
Jaitley described the GST as the “single biggest tax reform since Independence” and a “win-win situation” for both the Centre and states and said the bill would not hold a “fear of the unknown” unlike the Value Added Tax or VAT.
The Finance Minister said the concerns of all states have been addressed in the new provision of the bill after consultation.
He said the interest of states would be adequately protected and that he did not foresee a situation where states would be the losers.