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 Finance Minister Arun Jaitley on Wednesday tabled the GST Bill in Lok Sabha as the crucial debate on landmark tax reforms legislation Goods and Services Tax bills began. 

Highlights:

* The GST bill is different because we are creating by law a jurisdiction simultaneously in the Centre and the state. In the process, handing over the indirect tax administration to the first federal institution that India has created, where the Centre and the state both will participate.

* 12 meetings of the GST Council were held to make it a process based on consensus and recommendations.

* It is a revolutionary bill which will benefit all.

* Current indirect tax regime being replaced by new mechanism under GST that will be run by new federal system.

* States have pooled in their sovereignty into the GST Council, and Centre has done the same.

* Need to maintain delicate balance of Centre, states in the GST Council

* Compensation under GST ensures that there is no additional burden, by keeping tax liability at existing level.

 

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