Finance
Minister, Arun Jaitley today said a Constitution Amendment Bill for introduction of Goods and Services Tax (GST) will be passed in the current session of Parliament as there is a broad consensus among states on the issue.
Jaitley said he is optimistic about introduction of GST, which will create a nationwide unified market and remove trade barriers in the form of cascading effects of taxation, from April 1, 2016. He was speaking to reporters after meeting finance ministers from 18 states to discuss the road-map for roll out of GST.
“There was a broad consensus that states are in support of GST.
The government, will go ahead with constitutional amendment bill on such tax in the current budget session of Parliament”, he said.
A single rate GST will replace central excise, state VAT, entertainment tax, octroi, entry tax, luxury tax and purchase tax on goods and services to ensure seamless transfer and end of “inspector raj” as well as “tax on tax,” Jaitley added.