New Delhi: The Goods and Services Tax Bill, which will bring the"single biggest tax reform since Independence", was tabled in the Lok Sabha by Finance Minister Arun Jaitley on Friday. He asserted that concerns of all states have been take care of in the new measure.

Describing the GST reform as a "win-win situation" for both the Centre and the states, the Finance Minister said the bill would not have "fear of the unknown" unlike Value Added Tax (VAT).

Noting that he has held wide consultations in drafting the bill, including with the Empowered Committee on GST, Jaitley said states would be compensated on account of CST and the first installment would be made before March 31 next year.

Seeking to allay apprehensions of states, Jaitley said their interests are more than adequately protected and does not foresee a situation where states would be the losers.

Jaitley said the government would give "constitutional assurance" in terms of compensating the possible losses incurred by states.

GST reform would strengthen the principle of "co-operative federalism" as Centre and state would need to work together to take decisions which would require 75 per cent majority approval.

The Constitution Amendment Bill on Goods and Services Tax (GST) was approved by the Cabinet earlier this week.