New Delhi: The much awaited and major tax reform Goods and Services Tax Bill or GST Bill, officially known as The Constitution Bill, 2014, which was passed by the Rajya Sabha members with 203 votes on 3rd August will be taken up by Lok Sabha tomorrow.
GST, the biggest economic reform since 1991, is likely to sail through smoothly in the Lower House. It will replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world’s biggest single market.
Prime Minister Narendra Modi is likely to intervene during the debate on the Bill in Lok Sabha.
The Bill was passed by Lok Sabha last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
The Rajya Sabha on last Wednesday commonly passed the relevant Constitution amendment bill to pave the way for the introduction of a pan-India Goods and Services Tax regime.
The upper house passed what is called the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, with all the 203 members present voting in its favor.
Finance Minister Arun Jaitley also introduced some of the amendments to the main bill; however, had a few rebels.
Earlier, the AIADMK had walked out, 203 members present voted in favor of the main bill.
The bill will now go again to the Lok Sabha for its nod since the government had moved some amendments to get political parties, particularly the Congress.