New Delhi, Dec 19 (IANS): The goods and services tax proposed by central government will be a "win-win" situation for both state and central governments, Finance Minister Arun Jaitley said Friday.

The minister however added that the bill will not be passed in this session.

Speaking after a brief debate on the appropriation bills, he said: "GST will be a win-win situation for both state and centre. GST will be the single most important tax reform, with potential to convert entire country into a single market, and avoid taxation over taxation."

He however added: "I do not intend to pass it in this session. I will probably take it up in the next session".

The GST bill was introduced in Lok Sabha Friday.

Addressing the concern of members over depreciation in the value of rupee, Jaitley said: "Emerging markets have been volatile in last few days. There is a serious challenge as far as emerging markets are concerned, yet rupee is doing better than many other currencies."

He also refuted the opposition's charge of the government not letting the benefit of fall in crude oil prices pass to the consumer.

"We have already reduced price of petrol and diesel eight times. It is easy to be populist, easy to be populist, to say don't levy tax but keep making expenditure. If you want me to make social expenditures, some one has to pay the bill," said the minister.

"Centre has passed on most of the benefit. States have taxes, oil companies also have to write off underrecoveries," he added.