GST is 'Great Step towards Transformation', says PM Modi in Lok Sabha

Prime Minister Narendra Modi on Monday made remarks in the Lok Sabha on the Goods and Services Tax (GST) Bill. He credited all sections of the polity for the passage of the Bill. "After close to 70 years of Independence, an important move to free the nation from tax terrorism has begun," said PM Modi.

"GST means 'Great Step by India''. It means 'Great Step Towards Transformation'. It means 'Great Step Towards Transparency'," he said.

Earlier on Monday, Finance Minister Arun Jaitley tabled the GST Bill in Lok Sabha. The Bill was passed by Lok Sabha in 2015 and now it has come back to the Lower House for incorporating the amendments approved by Rajya Sabha.

Highlights of PM Modi's speech in Parliament:

18:34pm

#Most of the things that can impact consumer inflation have been kept out of the ambit of #GST

18:32pm

#The 'kacha bill' and 'pakka bill' system in our country has helped mobilise black money. GST will help put an end to this

18:31pm

#We say a lot about corruption but to eradicate corruption it is important to strengthen our system as well

18:30pm

#'Economic development of poor' & 'Educational development of poor'-2 ways with which we cn build an Army of poor that'll fight agnst poverty itself

18:26pm

#Our aim is "Economical and educational empowerment of the poor". GST can help us achieve this aim

18:22pm

#'Faith' very important to strengthen federal structure of India. #GST will act as a catalyst in this regard

18:21pm

#It is true that consumer States will benefit more from GST but Centre will compensate manufacturing States in case of losses

18:18pm

#GSTBill will act as catalyst to help strengthen trust between Centre and States

18:15pm

#States in our country are not self sufficient but are interdependent. GST will boost economy of under developed States

18:14pm

#'Rashtraneeti' is bigger than 'Rajneeti'

18:13pm

#GST will send across a message that 'Consumer is the King': PM Modi in Lok Sabha

18:09pm
#With #GST we intend to bring in uniformity in taxes. The message is clear that the 'consumer is the king'

18:08pm
#I had called Sonia Gandhiji & Manmohan Singhji to talk about #GSTBill. We have always tried to discuss this with everyone

18:07pm
#'Lok Tantra' is not just a game of mandate, it is also a journey of forming consensus

18:06pm
#GST-ek moti hum maala mein piro rhe hain jo 'Ek Bharat' ko taakat deta hai

18:05pm
#My experience as CM has helped me understand the problems of the states very well

18:04pm
#This is not a victory of a particular party.It's a victory of high democratic principles,victory of all political parties

18:03pm
#GST means 'Great Step towards transformation', 'Great Step towards transparency' in India

18:02pm
#It's true that someone gives 'birth' while someone else 'nutures it' (on GST Bill). It is not a victory of a particular pol party

18:01pm
#This example is good enough to understand the ups and downs nation has seen with respect to tax situation

17:59pm
#You might know that some time ago an issue regarding tax came up in SC. Issue was Coconut should be considered a fruit or vegetable

17:50pm
#PM Narendra Modi speaks in Lok Sabha on GST Bill

Highlights of proceedings in Parliament:

03:03pm
#We agree division of states has caused unfairness to Andhra Pradesh and that has to be compensated: Finance Minister Arun Jaitley

03:00pm
# If one pays tax at one stage, they wont have to give another tax on that tax component. So tax on tax will be eradicated: Arun Jaitley

01:00pm
# Congress walk out of Lok Sabha in protest against atrocities faced by Dalits in the nation.

10:20am
#Congress gives notice in Rajya Sabha on J&K unrest issue.

10:15am
# Congress strategy meeting took place in Parliament.

Final week of #MonsoonSession begins today. Scheduled business for the day in both houses pic.twitter.com/q74FZ6XdWh

— PRS Legislative (@PRSLegislative) August 8, 2016

The Congress will support GST Constitutional Amendment Bill and has issued whip to all its MPs to be present in the House on Monday where it is scheduled to be taken up for passage.

The Constitution (122nd Amendment) Bill, 2014, that would lay the ground for roll out of GST regime, was passed by the opposition-dominated Upper House after the government moved four amendments. (Also Read: Serious differences between Centre, states on finalising GST, says Chidambaram)

The 66-year-old Constitution, which gives power to the Centre to levy taxes like excise, and empowers states to collect retail sales taxes, was amended though the 122nd Constitution Amendment Bill on Wednesday. The Bill amends the Constitution to introduce the Goods and Services Tax (GST)--one nation one tax regime.

Aiming for early implementation of the Goods and Services Tax (GST), senior Union ministers have spoken to chief ministers of NDA-ruled states to ensure that the constitutional amendment is ratified by state assemblies at the earliest.

GST Bill passage: Who said what

The chief ministers have assured that, if required, they will call a special session for the passage of the Bill in their state assemblies.

The GST Bill has to be ratified by at least 16 states in 30 days after it is passed by Parliament.

Once implemented, GST will subsume various taxes, including excise, services tax, octroi and other levies, and the proceeds will be shared between the Centre and the states.

(With inputs from PTI, ANI)