The Andhra Pradesh Legislature today passed the state Goods and Services Tax (GST) Bill.
The Parliament had on April 6 passed four legislations to pave the way for nationwide roll-out of GST from July 1.
A special sitting of the AP Legislature was called today to pass the state GST Bill.
The proposed GST would broaden the tax base and result in better compliance due to a robust information technology infrastructure, state Finance Minister Yanamala Ramakrishnudu said while introducing the Bill in the Legislative Assembly.
He said the implementation of GST would cause a revenue loss of Rs 2,600 crore per annum to AP in the initial years.
"This loss will, however, be compensated by the Government of India from the fund created under the Goods and Services Tax (Compensation to States) Act, 2017," Yanamala told the House.
Chief Minister N Chandrababu Naidu termed the GST as an "innovative change" that would bring in good results.
"This is a revolutionary reform after the economic reforms and will enable a two per cent growth in the nation's gross domestic product," Chandrababu observed.
There was din in the Assembly during the passage of the Bill as the opposition YSR Congress members surrounded the Speaker's chair, holding placards and raising slogans while demanding creation of a price stabilisation fund for farmers.
The finance minister introduced the GST Bill and it was passed by the House in quick time.
Later, he introduced the GST Bill in the Legislative Council where also it was passed.
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