He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Expressing gratitude to all parties for support, Prime Minister Narendra Modi, on Monday, described Goods and Services Tax as a "crucial step" towards ending tax terrorism besides reducing corruption and black money and said the new regime of indirect taxation will make consumer the "king".
He emphasised in Lok Sabha that the passage of the GST Constitution Amendment Bill by Parliament was not a victory of any party or government but was everybody's victory as it highlighted the success of the democratic ethos of the country.
Intervening in a debate on Constitution (122nd Amendment) Bill, Modi asserted that the GST will benefit mainly those states which are considered backward and address the problem of imbalanced development.
He acknowledged that manufacturing states will suffer losses but said they will be compensated.
"August 8th marks a crucial step towards freedom from tax terrorism," the prime minister said, while recalling that this was the day in 1942 when Mahatma Gandhi had sounded the bugle of 'Quit India' which marked a major step towards the country's Independence.
"GST can't be seen as a victory of a party or government. It is the victory for democratic ethos of India and a victory for everyone," he said, while noting that the measure was being supported by all parties, irrespective of different ideologies.
Photograph: Amit Dave/Reuters