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.
Soon after the much-awaited bill was introduced, Rajya Sabha was adjourned as Congress MPs created pandemonium in the House.
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 current Monsoon session of Parliament ends on August 13.
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 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 a 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.
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.