(MENAFN- KNN India) Union Finance Minister Arun Jaitley has introduced the much awaited GST Bill in the Rajya Sabha setting the floor open for a historic debate on Goods & Services Tax, the biggest tax reform since Independence.
After five hours of debate, voting on a bill, that amends the constitution to implement a single national tax to replace an intricate mesh of levies, would begin.
Before introducing the Bill in the Upper House, Jaitley in an interview to NDTV said all stakeholders have been consulted, states are involved and that the guiding principal for GST is one laid down by state finance ministers - "Lower prices, higher revenue."
The government has said that the Bill has the backing of 31 of 32 parties. Meanwhile, AIADMK, which rules Tamil Nadu, is expected to speak against the bill.