The Congress pledged full support to the enabling constitutional amendment for the Goods and Services Tax coming up in the Rajya Sabha, provided the government does not come up with any new alteration on Wednesday. The much-anticipated GST bill has been under a political stalemate for over 15 months and is almost certain to be passed in the upcoming Rajya Sabha session.
02:48 PM: Chidambaran ends his speech declaring Congress party's support towards GST with the government's assurances.
02:47 PM: Any indirect tax falls equally on rich & poor.Indirect taxes being regressive in nature,trend is to keep it as low as possible: Chidambaram
02:47 PM: Also the mechanism should also include disputes arising otherwise than out of the recommendations made by GST Council: P Chidambaram
02:46 PM: I would still urge FM to amend a provision to say GST council shall by regulation establish a dispute resolution mechanism: P Chidambaram
02:45 PM: We will campaign across the country asking for GST rate to be fixed at 18 percent: Chidambaram
02:41 PM: It's hugely inflationary if you increase GST rate by 25-26%, you might as well not have the legislation: Chidambaram
02:41 PM: Congress party did not think of 18 percent cap on GST out of air, it was mentioned in the report of the CEA: Chidambaram
02:40 PM: The people of India expect low and indirect taxes: Chidambaram
02:36 PM: Not a matter between Union Finance Minister & state FMs, it concerns people of the country also: P Chidambaram
02:35 PM: If you give some states power to impose 1% additional tax, it would have led to multiplicity of taxes: P Chidambaram
02:34 PM: I’m glad FM acknowledged that it was UPA Govt that first officially announce Govt’s intention to bring about GST: P Chidambaram
02:34 PM: Tone and approach has changed over the last 3-4 weeks and that augers well for this bill: P Chidambaram
02:31 PM: There were too many flaws in the bill, which could be fixed and hence we didn't support the bill: P Chidambaram
02:26 PM: Today, if we pass this GST bill, it will be on basis of serious discussions, serious debate and negotiations: P Chidambaram in Rajya Sabha
02:25 PM: We cannot allow some states to impose additional 1% tax: Chidambaram
02:24 PM: I know the draft is clumsy but it can't be rectified at this stage: Chidambaram
02:23 PM: Nobody can claim this a perfect bill, there is still clumsy parts to it: Chidambaram
02:21 PM: Let me be clear Congress never opposed the idea of GST bill: P Chidambaram
02:20 PM: Government's changed conciliatory tone augurs well for GST bill: P Chidambaram says in Rajya Sabha
02:16 PM: Arun Jaitley ends his speech, now former Finance Minister P Chidambaram begins his speech.
02:15 PM: 2 enabling laws and one state legislation would now need to be passed to make GST implementable: Arun Jaitley
02:14 PM: GST is Indian federalism at its best and it will boost growth rate : Jaitley
02:12 PM: GST Bill seeks to subsume various central and state government taxes: Arun Jaitley
02:11 PM: GST would convert India into one uniform market: Arun Jaitely
02:10 PM: I thank a lot of political parties for being a part of this consensus: Arun Jaitley
02:08 PM: Political consensus had to be built before passing it: Arun Jaitley
02:04 PM: 2/3rd of the voting power in the GST council belongs to states. 1/3rd belongs to the Centre: Arun Jaitley
02:02 PM: GST is the most significant tax reform in recent years: Arun Jaitley
02:00 PM: Discussion over GST in Rajya Sabha kick off, Arun Jaitley rises to table the bill.
12:30 PM: Sure,GST will be passed, Centre has assured that it will help states for first 3 years in case of loss: Chhattisgarh CM Raman Singh.
11:35 AM: Party's stand is clear,how will you compensate loss that will be caused to BMC through GST?, Shiv Sena leader Sanjay Raut.
11:29 AM: GST will be rolled out early next year: Arun Jaitley
11:28 AM: We have addressed legitimate concerns raised by states: Arun Jaitley
11:27 AM: GST will achieve one nation one tax and states will also get compensation: Finance Minister Arun Jaitley speaks to CNN News 18
11:05 AM: Rajya Sabha begins with a heated debate on the Bareilly gang rape.
10:30 AM: Don't know what GST all about? We got you covered. Click here to know all about it
10:20 AM: BJP Parliamentary Board meeting ends.
10:19 AM: It's good, we should debate and pass GST today. But this ping-pong match between Congress & BJP has been going on for 10 years: TMC leader Derek O'Brien
(With inputs from ANI)