Congress in favour of GST Bill being presented in Rajya Sabha

The Congress Party on Monday said it was in favour of the GST Bill being presented in the Rajya Sabha today.

The Bill aims to reform India's existing indirect tax regime.

"Well, we have told the government that their new elements will have far reaching implications, and this is post the standing committee. Therefore, they need scrutiny," said senior Congress leader and former union minister Anand Sharma.

"The empowered committee of the state ministries are still meeting. They met on 7th and 8th in Trivandrum. We are very clear about it that there should not be any hurry and should be examined in depth and fine tuned. And, we are in favour of it. It will be passed and the government can bring it from the select committee in the monsoon session of Parliament," he added.

The government is also expected to table the Goods and Services Tax Bill in the Rajya Sabha today.

The Lok Sabha has already passed this vital legislation, rejecting the demand of the opposition to send it to the Standing Committee for scrutiny.

Being a Constitution Amendment Bill, the proposed legislation was passed by a two thirds majority in the Lower House.

The Goods and Services Tax Bill shall be implemented from April 1, 2016. It seeks to create a new indirect tax regime which will comprise various central and state levies. They include sales tax, excise and services tax except taxes on the supply of alcohol for human consumption and petroleum products. The whole process of indirect taxation in the country will change once the GST is implemented.