New Delhi: The historic GST Bill was passed on Monday in Parliament with the Lok Sabha adopting the legislation, which was last week passed by the Rajya Sabha.
The bill was passed by two-third majority, with 443 members voting in its favour and none against in the final vote.
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 was taken up by Lok Sabha on Monday.
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 briefed the debate on the Bill in Lok Sabha.
The Bill was passed by Lok Sabha last year and now came 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.
AIADMK members in the Lok Sabha had earlier staged a walkout.