The India Inc hoped the GST bill, which will tabled in Rajya Sabha on Wednesday, which if passed will bring about the biggest change in the country's tax structure since Independence, will be passed.
"While the government has left no stone unturned to seek a consensus, the willingness and maturity of the key opposition party in terms of understanding the issues and straightening out the differences is indeed praiseworthy. Industry can now think of 'One India', which was truly pursued by all political parties in true letter and spirit, and hopefully the Bill will see the light of the day on Wednesday," said industry chamber CII President Naushad Forbes.
India Inc expressed hope on the bill's passage after Centre last week approved key changes in the proposed legislation.
Forbes also said once implemented, GST will subsume most of the country's central and state level duties and taxes, thus making the country a national market and contribute significantly to the growth of the economy.
By merging a large number of central and state taxes into a single tax, it would lessen cascading or double taxation in a major way and pave the way for a common national market.
"From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25-30 per cent. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would instantly spur economic growth," FICCI said in a statement.