Lok Sabha passes GST Bills. Here’s what will happen next

The Lok Sabha passed the four supplementary bills under the Goods and Services Tax (GST), paving way to bring India under unified tax regime.

The four GST bills- central GST, integrated-GST, union territory-GST and the compensation Bill –were debated for seven hours in the parliament and the house members gave their assent to the draft.

The passage will now allow the Prime Minister Narendra Modi-led Indian government to prepare for the July 1 launch of the GST system, which will eliminate many multiple central and state taxes.

"Once this tax is implemented, all goods and services will be able to move within the country. There will be a one-tax system throughout the country. A significant step has been taken. Parliament has accepted the draft approved by the GST Council as it is. We are seeing history in the making. We are going to see a new system of taxation. We seem to be well within time. I would say this is an important step forward. I am very optimistic of meeting the deadline,” said Finance Minister Arun Jaitley.

Now that the bills have been passed by the Lok Sabha, here’s what will happen next: