The Rajya Sabha today (6 April) passed the much-awaited Goods and Services Tax (GST) Bill. The Lok Sabha had earlier, on 29 March, passed four key GST Bills, rejecting amendments moved by the opposition.
The Bills are related to central GST, integrated GST, UT GST and GST compensation. The central GST deals with taxation related to the centre, integrated GST deals in taxation of inter-state movement of goods and services while the UT GST Bill covers taxation in union territories.
The compensation law provides a legislative backing to the centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.
Under the GST, there will only be one tax rate in the country for one commodity. The tax reform is being scheduled for roll-out on 1 July 2017.
With Inputs From ANI.