Wed, Oct 26, 2016 | updated 02:22 AM IST

GST aims to bring India under 'one nation, one tax' regime: Jaitley in LS

Updated: Aug 08, 2016 15:37 IST

New Delhi, Aug 8 (ANI): Union Finance Minister Arun Jaitley on Monday said the aim of the Goods and Service Tax (GST) Bill is to make India come under 'one nation, one tax' regime, adding the proposed bill aims to eradicate tax evasion, multiplicity and cascading effects of tax.

"We are making an attempt to make 'one nation, one tax' to avoid complexities," Jaitley said in the Lok Sabha.

"If one pays tax at one stage, they won't have to give another tax on that tax component. So, tax on tax will be eradicated," he added.

Jaitley further said that the government would try to accommodate the opinions put forth by the opposition parties to ensure smooth passage of the GST Bill.

"The government is trying to accommodate the opinions of all parties," he said.

The GST Bill has been tabled in the Lok Sabha to make necessary changes in accordance with the amendments made in the Rajya Sabha.

The GST Bill, which is said to be India's biggest reform till date, will be ratified in the lower house where Prime Minister Narendra Modi will speak.

Last week, the GST Bill was passed in Rajya Sabha with the thumping majority of 203 votes.

The All India Anna Dravida Munnetra Kazhagam ( AIADMK) members, however, walked out of the Upper House and abstained from voting

After its passage in the Lok Sabha, the Bill will go to the state assemblies for ratification. The Bill needs to be ratified by half of the assemblies to become a law.

After the amendments are carried out, Parliament will pass the GST and Integrated GST Bills and the assemblies will pass state GST Bill for the roll out of the tax reform in the country.

The chief ministers have assured that if required they would call a special session for the passage of the Bill in their state assemblies.

The GST is aimed at bringing uniform tax regime in the country by subsuming state levies.

Under it, a single rate of GST will replace various taxes to ensure seamless transfer of goods and services. (ANI)