The Government will introduce the Constitution Amendment Bill in the forthcoming
Budget session to pave the way for introduction of the long-awaited Goods and Services Tax (GST).
The Bill figures in the list of legislative business for the Budget session that was released by the government today.
The other important economic legislations slated to be taken up by the government in Parliament include the Companies (Amendment) Bill 2009 and the Chartered Accountants (Amendment) Bill 2010.
The Constitution (Amendment) Bill, 2011 (Goods and Services Tax) seeks to establish a framework for introduction of the proposed GST regime.
The government originally planned to roll out GST from April 1 last year but a consensus could not be built on introduction of the Bill, which is required to be passed by two-third majority in both the Houses of Parliament.
GST would subsume most of the central and state taxes like excise and sales tax, making rules easier for the industry and other tax payers.
GST, expected to change India's fiscal landscape, has faced several roadblocks as states feared that their autonomy would be compromised.
There have been disagreements on issues like constitution of the GST Council, which will govern the tax regime, and on the powers to be conferred on the central government and the Union Finance Minister.
Opposition by NDA-ruled state governments has been specially vehement.
After a recent meeting with the Empowered Committee of State Finance Ministers, Finance Minister Pranab Mukherjee had said that the government will seek to introduce the Bill in the forthcoming Budget session.
In its latest GST constitution amendment draft -- the third of its kind -- the Centre has proposed to give power to Parliament for constituting the GST council.
The two earlier drafts had to be discarded because of opposition by some states who said the Bill would curb their fiscal autonomy.
Besides the GST Bill, the Companies (Amendment) Bill 2009, which seeks to replace the half-a-century old Act, will also be brought before Parliament for consideration and passage.
The new Companies Bill, besides other things, promises greater shareholder democracy and stricter corporate governance norms. It was introduced in Parliament in the aftermath of the Rs 14,000 crore Satyam scam.
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