As the second leg of the Budget session commenced on Thursday, Prime Minister Narendra Modi said he expects a breakthrough on Goods and Services Tax (GST) before the session concludes next month.
Modi was talking to reporters at Parliament House just before the commencement of proceedings in both the Houses.
GST is billed as the biggest-ever tax reform undertaken by the country and is expected to add at least one percentage point to its GDP growth.
The Centre is widely expected to introduce the Bills on Central GST and iGST during the second leg of Budget session.
CGST, IGST nod It may be recalled that the GST Council had few days back given its formal approval to the Central GST (CGST) and Inter-State GST (IGST) laws, with the Compensation Law already having been approved during the previous meeting on February 18.
Meeting n March 16 The Council is expected to meet again on March 16 to deliberate on the final versions of the remaining two laws — the State GST law and the Union Territories GST Law.
The Modi-led government is looking to introduce dual GST in the country from July 1 this year.
The Constitutional amendment that paved the introduction of GST is due to lapse in mid-September this year.
Modi said all the States and political parties have shown a positive approach towards GST implementation. Expressing hope that the second leg would be a fruitful one for conduct of government business, Modi said there would be detailed discussions on the Budget. “I am sure the level of discussion and debate will be of a good quality,” he said.
Modi also said issues that would benefit the poor would be discussed during the second leg of the Budget session.