Govt hopes to finalise GST contours this year: Jaitley

Says this will streamline tax administration and result in higher tax collection

Committing to expeditiously rolling out Goods and Services Tax (GST), Finance Minister Arun Jaitley today said a solution to the issues relating to the comprehensive indirect tax regime may be finalised in the current year itself.

"I do hope we are able to bring a final solution in the course of this year and approve the legislative scheme which enables introduction of GST. This would streamline tax administration and avoid harassment of business and result in higher tax collection both for centre and states," he said while presenting the Union Budget for 2014-15.

The GST regime aims at subsuming most of the indirect taxes at the central as well as states' level. The UPA government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for introduction of GST.

The debate on whether to introduce GST must come to an end now, Jaitley said, adding, "we have discussed the issue for past many years. Some states have been apprehensive about surrendering tax jurisdiction others want to be adequately compensated".

He assured all states that government would be more than fair in dealing with States.