New Delhi: With political consensus finally emerging, the much-awaited Goods and Services Tax (GST) Bill has been listed for Wednesday to be taken up by the Rajya Sabha for discussion and passage.
Congress spokesperson Abhishek Manu Singhvi told CNBC-TV18 his party will support its passage, adding that the government's decision to table a fresh GST Constitutional Amendment Bill was a "clear sign of convergence".
He, however, said many details of the tax reform will still to be worked out and that some states were still to come aboard.
The government managed to reach a consensus with the Opposition over the Bill after Finance Minister Arun Jaitley's meetings with leaders of the TMC and SP among other parties.
Sources said there would be 4-5 amendments to clauses which will guarantee compensation to states. These would also include a clause that serves as the guiding principle to fix how the rate would be calculated.
The other expected changes would be the scrapping of 1% additional tax, more clarity on five-year compensation to states, strengthening the dispute resolution mechanism, and ensuring no revenue loss for states.
The GST Bill entails introduction of a single indirect tax regime across the country.
Comments
0 comment