New Delhi: Union Finance Minister Arun Jaitley on Wednesday said he hopes for a rollout of the Goods and Services Tax (GST) by April 2017.
Speaking exclusively to CNN-NEWS18 the union minister said, "The one-nation, one-tax regime will reduce taxation levels. We have already addressed the concerns of the state governments and I am hopeful of a rollout early next year."
He further added, "It's a non partisan tax. The states will be getting compensation for five years and also get service tax."
At 2 pm, Rajya Sabha will begin a much-awaited debate on GST before voting on a bill that amends the constitution to implement a single national tax to replace the existing tax system.
The government managed to reach a consensus with the Opposition over the Bill after Finance Minister Arun Jaitley's meetings with leaders of the TMC and SP, among other parties.
Sources said there would be 4-5 amendments to clauses which will guarantee compensation to states. These would also include a clause that serves as the guiding principle to fix how the rate would be calculated.
The other expected changes would be the scrapping of 1% additional tax, more clarity on five-year compensation to states, strengthening the dispute resolution mechanism, and ensuring no revenue loss for states.
The GST Bill entails introduction of a single indirect tax regime across the country.
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