Much awaited Goods & Services Tax (GST) Bill is all set to be presented in the Rajya Sabha next week.
NEW DELHI, 29th July 2016: Minister of state for parliamentary affairs Mukhtar Abbas Naqvi, while making a statement regarding government business for the week starting August 1 in the Upper House, said the Constitution (122nd Amendement) Bill, 2014 will be taken up for consideration and passage.
The bill was passed by the Lok Sabha in May 2015 and vetted by the Rajya Sabha Select Committee.
On July 27, the Cabinet had cleared changes in the legislation, dropping the controversial one per cent 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 government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.
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.
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 April 1 this year, but the deadline was missed as the legislation to roll it out remained in limbo in the Opposition-dominated Rajya Sabha.