GST will be implemented from next fiscal: Venkaiah Naidu

Visakhapatnam: A day after Prime Minister Narendra Modi reached out to the Opposition over the passage of the GST Bill, Union minister for Parliamentary Affairs M Venkaiah Naidu on Sunday said the Goods and Service Tax Bill will be rolled out in the next financial year.

The (GST) bill will be implemented next year as it will be passed in the ensuing Parliament session, Naidu said on the sidelines of an event here. The minister said the GST will be the biggest tax reform since independence as it subsumes all indirect taxes to create one rate and integrates country into one market.

Though Lok Sabha has approved the GST Bill, the Opposition in Rajya Sabha referred it to the select committee even though the standing committee had already approved it, he said, adding the select committee has completed its study and made recommendations to Rajya Sabha for its passage.

Naidu said the BJP government wanted to pass the GST Bill with broad consensus as this kind of tax is operational in 160 countries across the globe.

Source: PTI