Sources: Finance Minister to table GST bill by March-end
March, 04th 2011
The government is moving on a quick step on the Goods and Service Tax (GST) constitutional amendment bill and the bill is likely to come up for Cabinet approval next Thursday. Finance Minister Pranab Mukherjee said that the cabinet will take up the GST amendment on March 10 after the cabinet note is circulated to ministries on March 4, reports CNBC-TV18 quoting sources.
Finance minister wants the ministries to comment within three days on the circulated note. After the cabinet approval, the GST Bill will be tabled in the Parliament during the month end.
The finance minister is to chair the GST council.
The third draft of the GST Bill suggested in the council will be via Parliament Act as there are concerns on the states being addressed in the final draft. Decisions in the GST council will be made via consensus.
A final decision to subsume entry tax has still not been taken in the GST Bill yet.
The proposal of the second draft, i.e. Article 279a and 279b will be taken whereby the GST council will be setup by Presidential order and not by active parliament as was suggested in the third draft.