The bill is slated to give a complete constitutional framework to sharing of taxes between the Centre and the states.
The Union Cabinet is expected to give its nod to the Constitutional Amendment Bill for GST in today's meeting because the winter parliament session ends next week on December 23.
With the deadlock between the Centre and states now broken, the Centre is hoping for a cabinet nod.
The bill is slated to give a complete constitutional framework to sharing of taxes between the Centre and the states. So one can now be looking forward to a uniform tax.
According to the broad contours of the Bill, the GST council which will be chaired by Finance Minister Arun Jaitley will have all the other state government as its members and three-fourth of the members will have to be present in voting for decisions to be taken. The centre will have one-third share in voting and two-third for state governments.
The key items of the bill like petro products and entry tax are going to be subsumed. However, products like alcohol and tobacco have been kept out.
As far as declared goods are concerned, the Centre will loose its exclusive powers to tax these and the GST council will decide on the tax rates and then both the Centre and state will be able to tax them.
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