Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
Opposition leaders have criticised Prime Minister Narendra Modi's address to the nation, calling it politically motivated and a misuse of official platforms during ongoing elections.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
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
Select committees of the House have already submitted their reports
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The GST will subsume most of the indirect taxes like excise duty and service tax
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
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.
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.
The GST bill was earlier planned to be introduced from April 1.
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.
The government introduced the 122nd Constitution amendment Bill.
On the macroeconomic data front, PMI data on manufacturing and services sector will also influence trading
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.
Bengal Finance Minister Amit Mitra expressed confidence in GST.
States' demand for 5 years and Constitutional provision ruled out
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
The discussions are at a very critical stage
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
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.
'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.'
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
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.
Government originally planned to roll out GST from April 1 last year, but a consensus could not be reached on the introduction of the Bill.
InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
The BJP leadership is understandably mulling all options on the roll-out of the GST.
The disagreement between the Centre and states continued over administrative powers.
Most chief ministers are in favour of the new tax regime.
Jaitley's concerns are unlikely to cut much ice with the Congress.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
Senior leaders within the Congress now say the party could accommodate the government's argument that the GST rate cannot be stipulated within the Constitution.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
The finance minister said the government was open to suggestions.
This is part of the government's move to improve infrastructure.
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