New Delhi: A day after the government tabled the Goods and Services Tax (GST) Bill in the Lok Sabha, Finance Minister Arun Jaitley on Saturday urged industries to build public opinion in states for passing the law on reforming India`s indirect tax system.
"Any state that does not fall in line (with GST), my advice to all stakeholders is go to states to raise the issue, to convince, to pressurise public opinion in all the states," Jaitley said, addressing an event of the Federation of Indian Chambers of Commerce and Industry.
Hinting that complete consensus is awaited on a bill that needs to be passed by a two-third majority in both the houses of parliament and by the legislatures of half of the states to become a law, the finance minister called for "a shared national vision on basic issues".
"Today, there is a clear choice before us, reform or miss the bus. It is literally a choice that the future generation is not going to pardon us if we miss the reform bus again," Jaitley said, referring to the "strange convergence" of ideologically opposed parties in blocking reform measures, particularly in the Rajya Sabha.
The United Progressive Alliance (UPA) government had introduced a Constitution Amendment Bill in the Lok Sabha towards the introduction of the GST in 2011.
States sought a five-year compensation package and asked for its inclusion in the bill.
Jaitley introduced the bill in the lower house Friday, saying the objective of the legislation is "the seamless transfer of goods and services across the country".
"The GST will be a win-win situation for both the states and the centre. The GST will be the single most important tax reform, with potential to convert the entire country into a single market and avoid taxation over taxation," he said.
The bill, which will be taken up for discussion in the budget session of parliament in February, proposes a national sales tax that will replace a myriad of overlapping state duties that deter investment.
Jaitley said he had achieved a "near consensus" with the Empowered Committee of State Finance Ministers on GST in a meeting here.
