GST Bill debate in Lok Sabha: As it happened...

Zee Media Bureau

New Delhi: Prime Minister Narendra Modi on Monday addressed the Lok Sabha on the GST Bill and said it was a victory not for the BJP or any party but a win for India.

Thanking the Congress and all political parties for their support in passing the bill, PM Modi said national interest was higher than political interest and that the GST Bill was one big step towards the pursuit to fight and end tax terrorism.

India's biggest ax reform – GST bill –was tabled in Lok Sabha on Wednesday, with virtually all political parties backing this legislation.

After facing fierce opposition over the Bill for almost a year, the government succeeded in bringing all major opposition parties, including Congress, on board and it was passed in the Upper House with an overwhelming majority on August 3.

Here are the live updates of the GST Bill debate in the Lok Sabha:

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- The  GST Bill of 2011 did not have the provision for compensating the states, says Jaitley

- The one which you called a 'flawed bill' was based on the bill drafted during your (UPA) time, he says

- I want to thank all political parties and MPs for taking part in this discussion, FM Arun Jaitley says

- Now, Finance Minister Arun Jaitley is addressing the Lok Sabha

- PM Modi thanks all political parties for passing the bill - Credit goes to each and every member, all political parties, all those who kept on trying, he says.

- It is our democracy and maturity of political leaders in India that we have been able to do this (pass GST bill) in one voice, says PM Modi in LS

- Most of the things that can impact consumer inflation have been kept out of the ambit of GST

- The 'kacha bill' and 'pakka bill' system in our country has helped mobilise black money. GST will help put an end to this, he adds

- We say a lot about corruption but to eradicate corruption it is important to strengthen our system as well, says PM while addressing the LS on GST

- Economic and educational empowerment of the poor is what we are focusing on, so that we can mitigate poverty

- Our aim is "Economical and educational empowerment of the poor". GST can help us achieve this aim, says PM Modi in the Lok Sabha

- 'Faith' very important to strengthen federal structure of India. GST will act as a catalyst in this regard, Modi says

- It is true that consumer States will benefit more from GST but Centre will compensate manufacturing States in case of losses, says PM Modi in LS

- It will act as a catalyst to help strengthen trust between Centre and States

- GST will benefit mainly those states which are considered backward; it will address the problem of imbalanced development, says Modi.

- GST will clear hurdles in inter-state commerce and boost revenues of states

- GST proves that consumer is the king, says PM Modi while addressing the Lower House on the GST Bill

- Consumer and small businesses will gain tremendously, they will feel more secure with this. Small business is our strength

- Had met Soniaji and Manmohanji, one a LS MP, the other an RS MP. There is no question of treating the LS as junior house, says PM

- A trust between the Centre and states developed. This was not about a parliamentary majority but building about consensus.

- Lot of flaws have been overcome as far as the GST is concerned, says PM

- Having been a CM, now it became easier for me to address issues that CMs could have faced with the GST

- GST means a 'Great Step by Team India, Great Step towards Transformation, Great Steps towards Transparency' says PM Modi in the Lok Sabha

- This can't be seen as a victory of a party or government, it is a win for the democratic ethos of India & a victory for everyone

- I am here to thank all political parties for their support in passing the GST Bill

- Have taken a huge step in our pursuit to fight and end 'tax terrorism

- Today, an important move to free the nation from tax terrorism has begun, he says

- PM Narendra Modi begins addressing the Lok Sabha on the GST Bill