Zee Media Bureau
New Delhi: Finance Minister Arun Jaitley on Friday said that debate on Goods and Services Tax (GST) has passed through various stages and any delay in pasing the GST bill will hit the consuming states most.
Replying to questions related to the GST bill raised by MPs in the Lok Sabha, the FM said that the empowered panel of state FMs have performed in a non-partisan way.
Jaitley had on Wednesday held discussions with state finance ministers on the roadmap for rolling out the GST, where most states, barring Tamil Nadu, gave their assent on its provisions.
However, Jaitley cautioned that consuming states will be affected most if passage of GST is delayed further.
Stating that the consultation process of GST has been going on for 12 years, Jaitley asked the UPA to start supporting legislature proposed by it. “You (UPA) should be happy that I am accepting the good work started by your government and complementing you on that,” he said.
With most states on board, the government will try to get the bill passed by Monday. 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".
The government proposes to roll out the GST, a new indirect tax regime which will subsume various levies including sales tax, excise, service tax, from April 1, 2016.
