Mon, Dec 5, 2016 | updated 02:04 PM IST

Passage of GST Bill, shows system's immense maturity: Lavasa

Updated: Aug 04, 2016 13:45 IST

New Delhi, Aug. 4 (ANI): Finance Secretary Ashok Lavasa on Thursday said the passage of the Goods and Service Tax (GST) Bill in the Rajya Sabha is a major step forward towards economic stability.

Speaking to ANI about the procedure in which the bill would be implemented, Lavasa said, "First it will go to the Lok Sabha and then of course, there is a whole process of going to the states, getting it ratified, formation of the council and making the bill. And so the whole process and the entire road map have been laid out and will be followed."

"I think what has happened yesterday is a major step forward and it shows that the consensus building is possible. The system has exhibited immense maturity in taking this big step, specially because this happens to be the silver jubilee year of the economic reforms," Lavasa added.

On the issue of high inflationary rates expected after the implementation of GST, Lavasa clarified that the best decision would be taken in the interest of public.

Meanwhile, When asked about possible differences arising between in the Centre and state, Lavasa said, "Everybody is concerned about the impact of GST and the citizens, I think, are rightly concerned about the impact of this far reaching reform. But, as I said this is work in progress and things will resolve themselves."

The GST Bill was approved by the Upper House on August 3 with 203 votes in favour of it and none against, after a seven-hour debate during which a rare bonhomie was witnessed between the ruling and opposition benches.

Six official amendments, including scrapping of one per cent additional tax, moved by the government were approved by cent per cent votes.

The bill was passed by the Lok Sabha earlier. It will now go back to the Lower House to incorporate the amendments approved by the Rajya Sabha. The bill will also have to be approved by 50 per cent of all state assemblies.

The AIADMK was the only party to oppose the measure and its members staged a walkout from the House to register their unhappiness over the bill which lays the ground for rollout of uniform GST regime that will subsume all indirect taxes including central excise duty and state VAT/sales tax.(ANI)