Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
The demand for extension of the GST cess regime among others was made by several state finance ministers at a pre-budget consultation called by Union Finance Minister Nirmala Sitharaman in New Delhi. Besides, many states also demanded raising the share of the Union government in the Centrally Sponsored Schemes (CSS). Currently, the central government and state government share in some CSS is 60:40 while in others it is 75:25.
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
'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.'
Select committees of the House have already submitted their reports
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
On the macroeconomic data front, PMI data on manufacturing and services sector will also influence trading
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
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 GST, an indirect tax regime, is to be rolled out from April 2016.
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
Manufacturing taxes, VAT will come down, assures Jaitley
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.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
Congress MPs approach PM to protest against Chidambaram's public remarks on blaming Mukherjee for economic crisis.
Introduction of GST would make Indian products competitive in the domestic and international markets.
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.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Electricity has also been kept out of the GST ambit.
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.
Govt can advance the dates of the convening of the monsoon session of Parliament to early July
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.
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
We have only three differences with the Bharatiya Janata Party on the GST, said the Congress vice president.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
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.
India's economy grew at 7.6 per cent in 2015-16.
Jaitley's concerns are unlikely to cut much ice with the Congress.
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
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.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
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.
Top Congress sources said they would not hold up the Bill.
The GST bill is stuck in the Rajya Sabha where the ruling NDA govt does not have a majority as well as stiff opposition by the Congress
States are apprehensive of losing their rights to raise revenue during emergencies.
Protests continued to stall the monsoon session of Parliament, as it entered the last week on Monday.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances