Himachal Pradesh Assembly passes GST Bill

The "revolutionary" Goods and Services Tax (GST) Bill was passed by the Himachal Pradesh State Assembly on Saturday, further paving the way for its roll out on July 1.

The two-day special session of the Assembly, which ended on Saturday, was chaired to discuss the revenue projections that had been highlighted in the state budget announced earlier, with the view of benefiting from the 'consumer-friendly' tax regime, as portrayed by Union Finance Minister Arun Jaitley.

Earlier, the Rajya Sabha passed four GST Bills without amendments setting the stage for the government for the launch on July 1.

Jaitley had said that the GST would lead to new tax regime. The four bills passed on April 6 - the Central GST bill, the Integrated GST bill, the Union Territories GST bill and the compensation law - have already been cleared by the Lok Sabha, where the government enjoys majority.

Hailed as a 'revolutionary' tax regime, the GST is said to be India's biggest tax overhaul since independence in 1947. It will replace a slew of federal and state levies, transforming Asia's third largest economy into a single market.