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.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
Modi's reform agenda suffered a major setback earlier this month when lawmakers in the Rajya Sabha refused to support the the Goods and Service Tax bill.
The government introduced the 122nd Constitution amendment Bill.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
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.
Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
Protesting Congress members had on Tuesday too blocked a debate on the bill. The monsoon session ends on Thursday.
The government will find it difficult to pass the Bill without the Congress's help
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
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 change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 per cent agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future, two officials in the know told PTI.
The S&P BSE Sensex ended down 284 points at 27,698 and the Nifty50 slipped 78 points to settle at 8,545.
The Asian markets are largely trading in the green, taking heart from a positive close on Wall Street.
New Delhi is witnessing a spurt of political activity over the Goods and Services Tax Bill.
Enthused by the consensus in reaching four-tiered GST tax structure, particularly the unanimity achieved with Congress-ruled states, senior government sources were confident that the Central GST and Integrated GST Bills will be passed by both the Houses.
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 will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
Upbeat high-frequency indicators and consumer confidence show that Indian economy continues to forge ahead, emerging out of shackles of pandemic, said an article on the state of economy published in RBI Bulletin on Wednesday. The recovery is spearheaded by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and states). In conjunction, the employment situation has brightened, said the article written by RBI officials.
Bhupender Yadav's entry to the Modi government as a Cabinet minister is seen as his just reward after serving as a party office-bearer for the longest term among all current occupants.
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
Watch all the happens in the two Houses of Parliament LIVE on Rediff.com
Both houses of Parliament were prorogued on Friday, almost a month after being adjourned sine die, ending the possibility of an extension of the Monsoon session in the face of continued stand-off between government and opposition.
Watch all the happens in the two Houses of Parliament LIVE on Rediff.com
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.
India moving in right direction on GST, says Panagariya.
Global cues lift Sensex 364 points; Nifty ends above 8,650.
The BSE Mid-Cap index was currently down 1.25%
Work has to be done on a war footing from now to implement the GST regime.
The S&P BSE Sensex ended down 205 points at 27,710 and the Nifty settled 56 points lower at 8,510.
The BJP leadership is understandably mulling all options on the roll-out of the GST.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
One of the the biggest tax reforms since Independence, GST will create a national market for goods and services
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates and discussions from both the houses of Parliament.
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