Passing of GST bill an extremely progressive step: Walmart

New Delhi: Hailing the passage of GST Bill in Rajya Sabha as an extremely progressive step, Walmart India said creating a single market in India for goods and services will boost the country's economy significantly, help retail sector in a big way.

"Passing of the GST bill today in Rajya Sabha is an extremely progressive step and long awaited one. GST is one of the critical tax reforms which has potential to create one single market in India for goods & services and will boost country's economy significantly," Walmart India President & CEO Krish Iyer said in a statement.

Implementation of GST will reduce transaction cost of doing business, also reduce food wastage and bring down prices, he added.

"Hence I am confident that it will not only bring relief to the consumers, but also help retail sector and building supply-chain efficiencies in India in a big way. This is thus a win-win legislative reform for all," Iyer said.

The much-awaited Constitution Amendment Bill to facilitate rollout of GST was approved by the Rajya Sabha with an overwhelming majority after a marathon debate.