Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
This is part of the government's move to improve infrastructure.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
Select committees of the House have already submitted their reports
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
On the macroeconomic data front, PMI data on manufacturing and services sector will also influence trading
The GST, an indirect tax regime, is to be rolled out from April 2016.
Sentiments turned somewhat weak towards the middle of the session as profit-booking emerged as investors turned cautious on disappointing quarterly earnings by some bluechip companies
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
The bill was passed by LS last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Manufacturing taxes, VAT will come down, assures Jaitley
Blaming Congress for delaying Goods and Services Tax, Prime Minister Narendra Modi on Thursday attacked the main opposition party alleging the "hawalabaaz are unnerved" due to the tough stance of the government on black money and are putting "roadblocks" in the reforms agenda.
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
Introduction of GST would make Indian products competitive in the domestic and international markets.
Govt can advance the dates of the convening of the monsoon session of Parliament to early July
In a major reach-out to the main Opposition, the prime minister invited Gandhi and Singh over tea at his Race Course Road residence around 7 pm.
We have only three differences with the Bharatiya Janata Party on the GST, said the Congress vice president.
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
Jaitley's concerns are unlikely to cut much ice with the Congress.
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
Protests continued to stall the monsoon session of Parliament, as it entered the last week on Monday.
The Sensex ended up 244 points at 28,504 on strong global cues.
Reform ideas do not occur overnight and evolve over the years.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
The Opposition said that the government was 'bull-dozing'.
Economic reforms seem to be on a slow train, while good old fiscal populism is alive and flourishing.
Here's everything you need to know about the Goods and Services Tax Bill.
'The role of Parliament is to hold the government of the day, whichever party is in power, accountable for its actions, policies.' 'The amount we are wasting on Parliament is a very miniscule amount. But the cost of delay in policy-making is huge and that affects the entire nation.'
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Here's everything you need to know about the Goods and Services Tax Bill.
Single window clearances for realty must.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances