The government on Wednesday urged the Opposition and states to provide support for the introduction of the Goods and Services Tax (GST).
“Not only petroleum products, but also the entire range of products that can be covered will be under (the new tax) mechanism and it will be a win-win game,” Finance Minister Pranab Mukherjee said in Parliament on Wednesday.
The move would help control price fluctuation of items including petrol, Mukherjee said. He urged the Opposition to co-operate on the issue and even try and bring petrol under the GST regime. Till date, petroleum products have been kept outside the purview of GST.
The government was keen to introduce the Bill in the current session of Parliament, the finance minister said. The Bill would then be referred to the Standing Committee. Besides, it has to be ratified by 15 state governments.
The Empowered Group of State Finance Ministers, which held a meeting on Wednesday, meanwhile, has raised concerns over the proposed veto power to be granted to the Centre, which would allow it to overrule certain decisions.
Last month, Mukherjee proposed a three-rate structure for GST — 20 per cent for goods, 12 per cent for essential goods and 16 per cent for services.