GST bill most likely to be introduced in Rajya Sabha this Tuesday

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Even as the government is preparing ground to get a consensus on the passage of the contentious Goods and Services Tax (GST) bill in this monsoon session of parliament, a key government minister today said the long-pending bill will be introduced in parliament next week.

With almost all the political parties have agreed on the proposed law, the GST bill will be introduced in Rajya Sabha next week, Junior Parliamentary Affairs Minister Mukhtar Abbas Naqvi told lawmakers.

In fact, some new reports indicated that GST Bill will be introduced in Rajya Sabha as early as next Tuesday.

On 27 July, the Cabinet had cleared changes in the legislation, dropping the controversial 1 percent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the ambitious indirect tax regime.

The bill was passed by the Lok Sabha in May 2015 and vetted by the Rajya Sabha Select Committee.

However, the measure got stuck in the Upper House where the government does not have majority of its own, as the main opposition Congress sought certain changes in it.

Government is making efforts to hammer out a consensus on the bill and reaching out to opposition parties. Congress has described the exercise as "constructive and positive".

The GST legislation, which intends to convert 29 states into a single market through a new indirect tax regime, was earlier planned to be introduced from 1 April this year, but the deadline was missed as the legislation to roll it out remained in limbo in the Opposition-dominated Rajya Sabha.

Category: news update
Source/Author: Firstpost.com




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