The Union government said on Saturday the proposed Goods and Services Tax could become a reality from April 1, 2016. The finance ministry is set to introduce the Constitution (115th Amendment) Bill in the winter session, setting in motion the legislative work for creation of a single market across India. The Bill seeks to redefine the taxation powers of the Centre and states. "The deadline for implementation of GST from April 1, 2016, will be feasible. It all depends on how quickly we are able to reach a consensus on issues," revenue secretary Shakti Kanta Das said.
Das said discussions between the Union government and states were at a critical stage and progress had been made to a great extent. We are quite optimistic we will be able to reach convergence in the coming weeks or months," Das added.
Earlier this week, the PM held a meeting to take stock of the proposed new indirect tax regime and decided to clear pending central sales tax compensation for revenue loss incurred by states.