Countdown for GST passage in RS begins

Investors in Indian capital markets have been waiting for this Wednesday. For the country's Finance Minister, Arun Jaitley and his boss in the cabinet, Narendra Modi also, the wait has been long till on Monday evening, Congress party leaders indicated they were happy with amendments' indications coming from the government. While over 10,000 motorcyclists will travel across Varanasi on Tuesday raising the political heat before Congress president addressing a rally in this 'holy city' in Uttar Pradesh on the same day, Jaitley and his team of seasoned bureaucrats may have been readying at least four crucial amendments of the proposed GST Bill to be tabled before the Rajya Sabha on Wednesday. The Bill which was cleared in the Lok Sabha last year as ruling BJP has a clear majority in the Lower House of Parliament, needs a clearance from at least two thirds of the Rajya Sabha. The Upper House a member strength of 243 and Congress is the largest party here with its 60 members, something which has been stalling the process of clearing GST Bill into a law thus introducing a unified tax structure across the country when it comes to handling and passage of goods.

Sources in the North Block say, these amendments will ensure no further political opposition to the crucial Bill, now just awaiting a clearance from the Upper House of Indian Parliament. A senior Congress leader in the national capital is quoted saying, "All the issues we have raised are there in the GST constitutional amendment." GST is being touted by Jaitley and his team as an instrument which can add upto two percentage points to country's economic growth and markets may cheer its passage in the Rajya Sabha on Wednesday, if Congress MPs feel satisfied with the amendments to be tabled by the government that very day.