New Delhi, May 5: The Goods and Services Tax (GST) Bill has been listed for consideration and passage in the Lok Sabha on Tuesday. Finance Minister Arun Jaitley had earlier said the Goods and Services Tax Bill will simplify the tax regime and contribute significantly for the growth of country’s economy. He expressed hope that GST can lead to two percent increase in GDP. (Also read: India’s manufacturing growth slips in April as orders drop: Survey)
Jaitley also tried to allay the apprehension of opposition members, saying that there will be no revenue loss to states on account of GST implementation. He said, besides, ease of doing business, GST would help trade to grow and taxation of states will not be lost in any manner. The opposition had earlier accused the Centre of changing its stand and has demanded that as the Bill contains many new provisions, it needs to be sent to Standing Committee for thorough discussions.