New Delhi, Aug 24: Finance Minister Arun Jaitley today said the Constitution Amendment Bill to roll out Goods and Services Tax will soon see the light of day and the Revenue Department is getting ready with three Bills to ensure its implementation.
Describing the GST as "a monumental tax reform", he said it will benefit all segments of business, increase tax base and reduce harassment of tax payers.
Jaitley, however, did not disclose how the government will push the Bill, which is stuck in a political logjam in the Rajya Sabha where the ruling NDA does not have a majority. "It is a reform which almost all states have favoured.
It's a reform which almost every political party has committed itself to... GST is an idea which everybody accepted. Sooner than later, the Constitution Amendment should see the light of day," he said at a conference of Chief Commissioners and DGs of Customs, Central Excise and Service Tax here.
"The Central Board of Excise and Customs should be in readiness to implement GST by having model draft laws and IT preparedness. The three legislations -- Central GST (CGST), State GST (SGST) and integrated GST (iGST) -- will be moved for passage in Parliament after Constitutional Amendment Bill on GST becomes an Act."
He put a premium on training of officers, capacity building and interaction with state governments for effective implementation of GST. The government is eyeing GST rollout from April 2016. "It (GST) is going to be extremely friendly to the economy and businesses. It has the capacity to widen the base and reduce the level of harassment.
It has the capacity to add to the country's GDP," he added. On the rollout preparedness, Revenue Secretary Shaktikanta Das said the exact structure and rate would be finalised by the GST Council. "Senior officers should be pro-active and meet members of industry and tax payers to resolve their problems," Das said.