OSAKA, JAPAN: India will attempt to keep the proposed Goods & Services Tax ( GST ) rate as moderate as possible and the government will push for passage of the bill introducing the levy in the upcoming monsoon session of Parliament, finance minister Arun Jaitley said.
The government's bid to get the GST bill passed in Parliament has been hampered by the lack of a majority in the Upper House. The opposition Congress party has stalled proceedings in the house and has stipulated three conditions, including capping GST rate at 18% in the Constitution amendment bill and scrapping a 1% additional tax on inter-state sales to compensate manufacturing states.
"...am reasonably hopeful of this being passed. The numbers are overwhelmingly in favour of GST...After the Constitution amendment is approved, there are three legislations that are required to be passed, two by the Central government and one by state assemblies," Jaitley said.