The Lok Sabha passed the Goods and Service Tax (GST) Constitutional Amendment Bill on Wednesday, with Union finance minister Arun Jaitley assuring the states that the Centre would compensate any tax losses suffered by them over the next five years.

Commenting on the GST Bill, Raaja Kanwar, vice chairman and MD, Apollo International said, ''We are elated on the news of the 1st step taken by the present government, on the roll out of the GST bill. Once GST replaces all multiple taxes, it is going to be the biggest tax reform in independent India's history.''

''Reduction in tax cost will lead to a favourable impact on tax compliance, economies of scale and supply chain efficiencies. Harmonisation of tax rates and administration across states will bring about significant gain in minimising distortions and reducing compliance cost for taxpayers,'' he added.

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