New Delhi: Government today said the Centre has addressed all on Goods and Services Tax (GST) and rates of taxation would be decided by GST Council. Moving in the Lok Sabha the Constitution (One Hundred and Twenty Second Amendment) Bill, 2014, Finance Minister Arun Jaitley said the Goods and Services Tax is a major reform in the country. Many political parties came in support of the Bill and a consensus has been built on it.
'After our government came in 2014, we tried to get consensus of all states on GST. There were questions that how revenue loss of states will be covered. "We assured the states that they will not suffer revenue loss as a result of the GST," he said. Mr Jaitley said the whole country will become “one integrated market” under the GST. The second benefit is that the GST will help in building coordination between the Centre and states.(UNI)