Rajya Sabha passes GST amendment Bill

The Rajya Sabha on Wednesday passed the GST (Goods and Services Tax) Bill, after an over seven-hour long debate.

The GST Bill, which has been in the making for over a decade, entails introduction of a single indirect tax regime across the country.

According to top government sources, a fresh round of talks was held on Monday with Congress and other parties, including the Left and Samajwadi Party, for building a consensus on the key tax reform legislation .

During the debate, finance minister Arun Jaitley said rates under GST must come down, and the government would strive for a reasonable rate. The Bill was passed with a majority of 203 votes.

AIADMK members staged a walkout from Rajya Sabha, saying their concerns over GST were not addressed.

Soon after the GST Bill was passed in the Rajya Sabha, PM Narendra Modi tweeted saying, "This reform will promote make in India, help exports thus boost employment while providing enhanced revenue."

The Bill was passed in Lok Sabha on May 7, 2015 and since then saw intense negotiations between the government, opposition and the state governments to fix the tax rate and determining the compensation for the states for foregoing their revenue share and change in individual tax rates.