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AP Legislature passes state GST Bill

Press Trust of India  |  Amaravati 

The Legislature today passed the state Goods and Services (GST) Bill.

The had on April 6 passed four legislations to pave the way for nationwide roll-out of from July 1.

A special sitting of the AP Legislature was called today to pass the state Bill.

The proposed would broaden the base and result in better compliance due to a robust infrastructure, state Minister said while introducing the Bill in the Legislative Assembly.

He said the implementation of would cause a loss of Rs 2,600 crore per annum to AP in the initial years.

"This loss will, however, be compensated by the of from the fund created under the Goods and Services (Compensation to States) Act, 2017," Yanamala told the House.

Chief Minister termed the as an "innovative change" that would bring in good

"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 minister introduced the Bill and it was passed by the House in quick time.

Later, he introduced the Bill in the Legislative Council where also it was passed.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 15:13 IST