Speaking with reporters after parliament passed the bills, Finance Minister Arun Jaitley said it was a "historic day".
Employees suffering injury in industrial accident will now get compensation of up to Rs 1 lakh, with Parliament today clearing a bill in this regard.
Speaking after the bills were passed, Singh said, "It could be a game changer but can't assume there will be no difficulties on the way". Touted as a reform which would reduce business transaction costs by creating a single seamless nationwide market, GST is expected to provide the much required tonic for economic growth. But still, concerns were raised about the sweeping powers of the GST council, the GST network and the GST rates. Jaitley had significant step forward had been taken by the central government in this regard. Mr Sibal said the bill excludes tobacco, petrol, turbine and real estate from its list.
With entertainment taxes getting subsumed in GST, prices of movie tickets and theatrical performances may become cheaper in most states.
"The proposed July 1 date looks impractical because of the short window of time available to the industry after the GST-related legislations are passed", he said.
"I was in favour of real estate, Delhi government was in favour", Jaitley said.
"The Council decided that we will take up the issue of petroleum products in a year after implementation of GST".
While the above anticipations are mostly basis the information released/ statements of government officials available in the public domain, we would need to await the final fitment structure released by the Government on categorization and related rates for various goods or services. "The present status quo will continue", he said.
Misbah-ul-Haq announces retirement from worldwide cricket
West Indies vs Pakistan ODI Series schedule (all matches in Guyana): 1st ODI (April 7), 2nd ODI (April 9), 3rd ODI (April 11). Misbah-ul-Haq will quit after Pakistan's Test series against West Indies . "I was under no pressure from anyone", he added.
Ancilliary products also will remain exempted, he added. Further, the GST will pull down India's gross domestic product (GDP), by up to 2%.
CPI leader D Raja said increasing the slabs of indirect taxes will put a burden on common people.
"But, even worse than that is the fact that both in the Central GST and the State GST, the tax rate can be up to a maximum of 20 per cent, which means, theoretically speaking, for any good or service, you can have a maximum rate of 40 per cent".
The Taxation Laws (Amendment) Bill, 2017 seeks to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Finance Act, 2001 and the Finance Act, 2005.
Highlighting the federal structure of the Council, Jaitley said 32 representatives from the Centre and states are finalising the GST rules.
On the anti-profiteering provisions, he said these are meant to ensure that the benefits of reduction in tax rates are passed on to the consumers.
He said there is no safeguard clause and no proposal on how the government will address inflation arising out of the implementation of the GST.
With some members raising concerns about the structure of GST Network which include some private players, the minister said that the present structure was created to hire the best talent pool and can be changed anytime.