NEW DELHI, March 27 India's finance minister
Arun Jaitley on Monday introduced four bills on the Goods and
Services Tax (GST) in the lower house of parliament, paving the
way for the government to launch the landmark tax reform.
The bills introduced are the Central GST Bill, the
Integrated GST Bill, the Union Territory GST Bill, and the GST
(Compensation to States) Bill.
The state assemblies will also have to pass the State GST
bill before the new tax system can be rolled out later this
The new tax, which the government expects to implement from
July 1, is the biggest tax reform since India got independence
in 1947 from the British colonial rule.
The tax is expected to boost the rate of economic growth by
about 0.5 percentage points, broaden the revenue base and cut
compliance cost for firms.
(Reporting by Manoj Kumar; Editing by Malini Menon)