Shiv Sena hails 'revolutionary' Finance Bill

Supporting the passage of Goods and Services tax (GST) supplementary bills in the Lower House, The Shiv Sena on Thursday called it a 'revolutionary bill'

Talking to ANI, Shiv Sena leader Arvind Sawant said, "The bill has been passed, it's a revolutionary bill. Let us experience and experiment it. There are some issues and some queries but unless you experience the implementation part of it, we will not be able to come to a conclusion."

"The most important part which I felt myself is the federal structure that all the states will have representation in the council.. Therefore it is a revolutionary bill," he added.

The Lok Sabha yesterday passed GST Bills rejecting amendments moved by the opposition. The Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.

The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.

The compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.

Replying to around eight hour long debate, Finance Minister Arun Jaitley said the GST will replace various indirect taxes with a new tax regime which will ensure free flow of goods and services across the country. He said the goods will become slightly cheaper after multiplicity of taxes is removed.

On criticism of making GST as money bill, the Finance Minister said it is taxation law and there has been no single legislation imposing taxes being passed as non- money bill since 1950.