New Delhi, Dec 19 (ANI): The Central government on Friday tabled the Goods and Services Tax (GST) Bill in Lok Sabha. Finance Minister Arun Jaitley said that the government aims to bring the tax into effect from April 1, 2016. Government will compensate its state governments for revenue losses due to the new nationwide Goods and Service Tax. He added GST will also add to country's gross domestic product (GDP). The bill introduced by Finance Minister Arun Jaitley needs the support of two thirds of members of parliament as well as ratification by state legislatures which is expected to happen by the next session of parliament.
