The Goods and Services Tax (GST), which will subsume over a dozen central and state levies including excise duty, service tax and VAT, is "perhaps the most important" tax reform, he said soon after Rajya Sabha overwhelmingly voted for the legislation.
In the biggest tax reform since Independence, the national sales tax or GST Bill was Wednesday approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.
Main opposition Congress and most other parties, except AIADMK, on Wednesday expressed support, with certain conditions, to the introduction of GST in the country as the Rajya Sabha took up the much-delayed bill to amend the Constitution for allowing the measure.
Supportive monetary and fiscal policies can help India achieve 8 percent growth in the next three fiscals, but if reforms do not get further momentum then its economic "outperformance" could be short-lived, S&P Global Ratings said Wednesday.
The expected passage of a key constitutional amendment would resolve crucial issues needed to transform India's USD 2 trillion economy and 1.3 billion consumers into a single market for the first time.