GST bill to go for cabinet approval

Indians may soon be paying Goods and Service Tax (GST). Finance Minister, Pranab Mukherjee is very keen to get this bill passed. According to reports, finance ministry is on its way to introduce the Goods and Service Tax bill to public.

For this, the government has planned to bring Goods and Service Tax constitutional amendment bill for the Cabinet approval coming Thursday.

Once this bill gets approval from the Cabinet, this will be presented before the assembly. Business news channel CNBC-TV18 reported that a cabinet note has been circulated to all ministries about GST amendment bill.

Finance Minister has asked ministries to give their suggestions and comment on the bill. After approval from the cabinet ministers of India government, GST Bill will be presented to the Parliament for approval. It is reported that this will be brought to the Parliament at the end of March, 2010.

Finance Minister, Pranab Mukherjee will chair the GST council. Third draft of the bill is to be suggested in the GST council via Parliament Act. There are states concerned about their inclusion in the final draft. Any decision in the GST council will be made via consensus. Decision to incorporate entry tax in the bill has not yet been finalized.

Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate