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The Centre will introduce the much-awaited GST Bill in the ongoing Winter Session of Parliament itself, Finance Minister Arun Jaitley told reporters on the sidelines of a workshop on mergers, in the Capital, on Monday.
The introduction of GST will require a Constitutional amendment allowing the Centre to levy tax at the retail level. In addition, the Centre may have to introduce another Bill on Central GST. India is looking to implement a dual GST — Central GST and State GST — with a separate system for inter-State sale of goods.
At the behest of the Centre, a meeting of the Empowered Committee of State Finance Ministers is proposed to be held on December 12. Indications are that a broad consensus may emerge at this meeting on the GST architecture and likely legal framework.
The Centre and the States are yet to resolve differences on the inclusion of petroleum products within the GST regime and the approach for compensation of losses if any in the implementation of GST.
States are keen that the compensation mechanism should form part of the Constitutional amendment Bill so that there is statutory backing for compensation.
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