GST is a reality now; Rajya Sabha passes comprehensive tax reforms in decades

The Rajya Sabha today unanimously passed the historic and long-awaited Goods and Services Tax (GST) Constitutional Amendment Bill to pave the ways for the “One nation One taxation” system. The bill was cleared by the Lok Sabha last year.

Ending the 66-year-old legislation, The GST bill or the national sales tax or GST Bill will end different taxation rates across India and make the country world’s biggest single market.

Image Source: NDTV

Ending the 66-year-old legislation, The GST bill or the national sales tax or GST Bill will end different taxation rates across India and make the country world’s biggest single market.

“This is one of the most significant tax reforms in India in recent history, the enactment of GST will bring about the best in the economic management of the country in its federal form and it will empower the states,” finance minister Arun Jaitley said in the parliament.

Prime Minister Narendra Modi congratulate the members of Rajya Sabha for passing the bill.

“On this truly historic occasion of the passage of the GST Bill in the Rajya Sabha, I thank the leaders and members of all parties,” he twitted.

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