Parliament passes Goods and Services Tax (GST) bill

Story By: Rajesh Sharma
Tuesday, August, 09 2016 - 16:52

Parliament on Monday passed the Constitution (122nd Amendment) Bill to pave way for the Goods and Services Tax (GST). 

The Bill was passed by two-third majority, with 443 members voting in its favour and none against in the final vote. 

The AIADMK, however, staged a walkout just before the voting. 

Abbreviating GST as “Great Step by TeamIndia”, Prime Minister Narendra Modi described GST as a “crucial step” towards ending “tax terrorism” besides reducing corruption and black money and said the new regime of indirect taxation will make consumer the “king”.  

The Prime Minister said that the passage was everybody's victory as it highlighted the success of the democratic ethos of the country. 

Intervening in the debate in the Lok Sabha, Modi asserted that the GST will benefit mainly those states which are considered backward and address the problem of regional imbalance. 

“Now with it, my dream of seeing the eastern states getting equally developed like their western counterparts will come true,” he added. 

The US has welcomed the passage of the landmark Goods and Services Tax (GST) bill, saying it would have far-reaching benefits for expanding bilateral trade and investment partnership with India.



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