GST will increase ease of doing business in India: Arun Jaitley

Union Finance Minister Arun Jaitley Thursday said the rolling out of the Goods and Services Tax (GST) Bill will increase opportunities for ease of doing business in India as the tax rates are likely to come down.

"I am sure once the GST is rolled out, doing business in India would be easier, and it will help large body of traders, business people and citizen of India enjoy easy taxation," he said.

With this major step in the direction of having a uniform tax in the country, Jaitley said the imposition of tax will eventually impact the cost of many goods and services in the country.

The biggest tax reform since Independence, the GST Bill, was yesterday approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.

"The constitutional amendment was pending for a long time, predominantly because Rajya Sabha was not able to reach a consensus," said Jaitley expressing his delight over the passage of bill.

"Most important thing is that it was passed with unanimity, except for the AIADMK who walked out," added the minister.

The 66-year-old Constitution, which gives power to Centre to levy taxes like excise and empowers states to collect retail sales taxes, was amended though the 122nd Constitution Amendment Bill.

The bill was approved by the Upper House after a seven-hour debate with 203 votes in favor and none against.