New Delhi: After a complete washout of the three weeks of the Monsoon session of Parliament, the Narendra Modi government is hopeful of transacting some business in the last week and is expected to introduce the Goods and Service Tax Bill in Rajya Sabha on Monday.
The much-awaited bill will be introduced for passage in the Rajya Sabha even as doubts persists if the opposition Congress will allow passage of the Constitution Amendment Bill.
The Revised List of Business of Rajya Sabha said Finance Minister Arun Jaitley will move the Constitution (122nd Amendment) Bill, 2014, incorporating recommendations made by a House Select Committee.
The GST, that seeks to replace all indirect taxes, with a uniform levy has already been approved by the Lok Sabha and was in last session referred to a Rajya Sabha Select Committee.
The panel has given its report endorsing majority of the provisions, while suggesting changes in compensation to states and definition of supply for the purpose of states levying additional one per cent tax.
The current monsoon session of Parliament ends on August 13. The GST Constitution Amendment Bill is waiting nod of Rajya Sabha, where the ruling NDA does not have a majority.
Indirect tax reform GST proposes to create an uniform tax rate across the country by subsuming excise, service tax and other local levies. GST can boost India's GDP by 1-2 per cent.
Opposition Congress has repeatedly disrupted proceedings in the Rajya Sabha, preventing the House from taking up the Bill for passage.
Revenue Secretary Shaktikanta Das said: "We have to wait for what Parliament decides on GST. So far as preparation in administrative side is concerned, we are taking all the administrative measures, we have taken all the administrative measures required to implement GST from April 2016".
Separately, Chairman of Empowered Committee of State Finance Ministers KM Mani said most states are on board and expressed hope for GST roll out from April 1, 2016.
"I am not pessimistic about it, I am optimistic, I think we can implement GST by beginning of next fiscal... Most states are on board for GST roll out," Mani said.
Asked if states would be in readiness to implement GST from April 2016 if the bill does not get passed in the ongoing session of Parliament, Mani said, "We have to speed up everything, every state need to cooperate to meet the deadline".
The report of the Rajya Sabha Select Committee was tabled in Parliament in July. The Committee had suggested to compensate the states fully for five years for any revenue loss for GST roll out. However, the Congress, AIADMK and left parties had submitted dissent notes on the same.
Mani said the revenue neutral rate has not yet been decided and the GST Council will take a final call on it.
(With additional information from PTI)
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