New Delhi: The National Democratic Alliance government plans to get some key bills passed in the ongoing Winter Session of Parliament. After a productive week, Finance Minister Arun Jaitley on Monday said that he will try to introduce the Goods & Service Tax (GST) Bill in Parliament.
The government proposes to implement the GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related with the new indirect tax regime.
The UPA government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for the introduction of GST.
The states have sought a 5-year compensation mechanism from the Centre and demanded that it be included in the Bill.
Lack of consensus on compensation to states on revenue loss has delayed implementation of GST. The GST aims at subsuming most of the indirect taxes at the central as well as state level.
As part of the roll out of GST, the CST is being phased out and has been reduced to two per cent from four per cent. The Centre collects CST and distributes it among states.
The government had earlier said the Finance Commission can be involved in the exercise of compensating states for revenue losses following implementation of the GST.
(With inputs from PTI)
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