GST: inches one step closer to the finish line

The much awaited GST bill, finally looks like is in the last lap and is very close to the finish line. The much hyped about bill is once again in the lime light and is probably very close to getting cleared. Government today listed the much-awaited GST bill for consideration and clearance in Rajya Sabha's agenda for the next week.

The GST bill has been cleared from the Lower House but is stuck in the Upper House due to lack of majority. On July 27, the Cabinet had cleared changes in the legislation, dropping the controversial one per cent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the ambitious indirect tax regime.

With this positive development it looks like the major opposition, Congress, which was uniformly demanding to scrap the one per cent, finally looks satisfied.The government is keen to get the GST bill approved during the Monsoon Session of Parliament ending on August 12.

On the other hand, market is all gearing up for the land mark bill. If the bill gets cleared next week the markets will certainly react positively, especially the logistics firms.