The GST bill📑 is set to be taken up in the Rajya Sabha🏛 on Wednesday after the government circulated the amendments it had proposed in The Constitution (122nd Amendment) Bill, 2014, to the MPs. The 4⃣ likely changes in the bill that would facilitate its approval are:
🔰Scrapping of the proposed tax of up to 1% on inter-State transactions to compensate manufacturing states.
🔰Compensate states for any revenue loss in first 5⃣ years of GST implementation.
🔰New formulation on a dispute-resolution mechanism.
🔰Endorsement of the resolution by the empowered committee of State Finance Ministers on a revenue-neutral rate.
Parliamentary Affairs Minister, Ananth Kumar👳 expressed confidence👍 in the approval of the bill on Wednesday. Both the BJP & the Congress have issued👉 a whip to its Rajya Sabha members to be present in the House on Wednesday.
The Congress had originally proposed GST📑 in 2011 but it lapsed with the dissolution of the 15th Lok Sabha. The bill mooted by the current government was approved by the Lok Sabha in May 2015 and has been pending⌛ for approval in the Upper house since August 2015.
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