New Delhi, Mar 28 (PTI) Finance Minister Arun Jaitley today said the GST bills are based on the principle of "shared sovereignty" and that the government wants to pass these landmark tax reforms through consensus.

Jaitley was briefing the party MPs after BJP's parliamentary party meeting here which was also attended by Prime Minister Narendra Modi, Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting.

"The finance minister in detail briefed the party MPs about all the four Goods and Service(GST) bills and said these legislations are based on the principle of shared sovereignty," Kumar said, adding they were drafted after detailed discussions in the GST council which comprises all states.

Jaitley in detail explained the four bills--Central GST, Integrated GST, Union Territory GST and the Compensation Law--to the MPs and how these legislations would be beneficial, Kumar said.

Kumar added that government wants to pass these bills through consensus which was also mentioned by Jaitley in his address.

The meeting was also told that the new legislations will usher in a one-nation one-tax regime,

Similarly, the prime minister had earlier said and conveyed to all parties that the government wants to pass GST bill through consensus and these bills will be beneficial for the common man, Kumar said.

Modi had said that the passage of these bills would lead to one tax regime for the entire country.

Yesterday, Jaitley had introduced the 4 GST bills to implement the biggest tax reform since independence.

The government proposes to launch GST from July 1.

It is estimated that the rolling out of the GST can add up to 2 per cent to India's economic growth.

Former Karnataka Chief Minister and Congress stalwart S M Krishna, who recently joined the BJP, was also present at the meeting.

During the meet, Congress leader and former union minister M V Rajasekharan's letter showering praise on the prime minister was discussed.

The Cabinet's decision to set up a National Commission for Socially and Educationally Backward Classes with constitutional status, was also discussed during the meeting.

Shared sovereignty in GST: government seeks consensus passage to establish a one nation one tax regime and compensation law. The government proposes four GST measures - Central GST, Integrated GST, Union Territory GST and a Compensation Law - to establish a one nation one tax regime founded on the principle of shared sovereignty; these measures were drafted after detailed discussions in the GST Council comprising all states and the government seeks to pass them through consensus while including a compensation arrangement to address transitional revenue concerns.