FinMin moves amended GST Bill for cabinet approval: Sources

The government is doing all it can to ensure the Goods and Services Tax (GST) Bill gets passed in the Rajya Sabha. Sources say the Finance Ministry has moved the amendments in the Constitutional Bill on GST for cabinet reconsideration, after the Rajya Sabha panel's report. The amendments include compensation offered by the states should be for 5 years instead of upto 5 years and the one percent manufacturing tax to not be levied on stock transfers as to control cascading effect of the additional tax.There are also recommendations on protection of revenue flows for local bodies, Panchayats and municipalities which will be separately considered by the State Finance Ministry’s panel in the third or last week of August.The cabinet may give its approval on the amendments by next week. Only after Rajya Sabha’s approval will it go for the Lok Sabha’s consensus.CNBC-TV18 learns from senior government officials that the government would need only two days to pass the Bill in the parliament.