Fri, Oct 28, 2016 | updated 04:05 AM IST

Much-awaited GST Bill all set to be approved by RS today

Updated: Aug 03, 2016 08:58 IST

New Delhi, Aug. 3 (ANI): The much awaited Goods and Services Tax (GST) Bill is all set to be approved by the Rajya Sabha today.

Union Finance Minister Arun Jaitley will move four amendments to the Constitution (122nd Amendment) Bill, meant for the rollout of the GST in the Rajya Sabha, when it is taken up for consideration and passage.

Union Minister Ananth Kumar yesterday said the leaders of the various political parties have assured support to the government in the passage of the GST Bill.

"The honourable Prime Minster had in the all-party meeting and the NDA meeting prior to the beginning of this session urged all that the GST is in favour of the country, a win-win situation for all and extremely necessary for India's economic development," Kumar told the media here.

Kumar, who is the Ministers for Chemicals and Fertilizers, expressed optimism that the GST Bill, which would be passed by majority, will boost the nation's economy.

The Bharatiya Janata Party (BJP) has issued whip to all its members in the Rajya Sabha asking them to be present in the House for the next three days.

The Business Advisory Committee of the Rajya Sabha has earmarked five hours discussion for the bill, which seeks to introduce a system for uniform taxation across the country.

The Congress yesterday assured full support with regard to the GST Bill passage in the Rajya Sabha and said if the Centre doesn't come up with something new then this tax reform might get its nod.

Congress leader Abhishek Manu Singhvi said that the grand old party does not have much to do with the GST Bill, adding it is for the Centre to work it out with the states and help the bill sail through in the Parliament.

"The Congress has levied its full support in the regard. The details are yet to come; the Congress has nothing more to do with it. The government now has to work it out with the state governments. And if there are no more surprises in store then I think that the bill will get the needed nod tomorrow," said Singhvi.

The Union Cabinet had cleared changes in the Bill earlier on Wednesday dropping one percent additional tax on inter-state sales and providing guarantee to compensate states for any revenue loss in the first five years of rollout.

The government needs the support of two-third members of the Upper House to amend the Constitution to turn the GST into law.

The GST Bill was passed by the Lok Sabha in May last year but is stuck in the Rajya Sabha due to resistance from the opposition. (ANI)