Crucial GST Bill in Rajya Sabha next week; 'fingers crossed,' says Jaitley

New Delhi: The government on Friday listed the much-awaited GST Bill for consideration and passage in Rajya Sabha's agenda for the next week.

"I have my fingers crossed," said Finance Minister Arun Jaitley, expressing hope that the bill would be passed soon.

Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi, while making a statement regarding government business for the week starting August 1 in the Upper House, said the Constitution (122nd Amendement) Bill, 2014 will be taken up for consideration and passage.

According to reports, sources close to Congress Vice President Rahul Gandhi revealed that 'some progress was made in the negotiations’ regarding the Bill.

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.

The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.

The bill was passed by the Lok Sabha in May 2015 and vetted by the Rajya Sabha Select Committee.

However, the measure got stuck in the Upper House where the government does not have majority of its own, as the main opposition Congress sought certain changes in it.

Government is making efforts to hammer out a consensus on the bill and reaching out to opposition parties. Congress has described the exercise as "constructive and positive".

Finance Minister Arun Jaitley and Chief Economic Adviser Arvind Subramanyam reportedly held two rounds of discussions with Congress leaders, in addition to extensive talks with other parties including Samajwadi Party, JD(U) and CPI(M).

"Serious effort is being made to bring a consensus on the GST bill," Congress leader Anand Sharma said without disclosing details on whether the Congress was insisting on its standing about putting a cap on the levy in the Constitution bill.

Congress sources said party Rahul Gandhi also expects a positive outcome from these consultations. They said the discussions have entered a "decisive and positive phase".

Once the Rajya Sabha clears the legislation, the amended legislation would be returned to the Lok Sabha for its approval.

The GST legislation, which intends to convert 29 states into a single market through a new indirect tax regime, was earlier planned to be introduced from April 1 this year, but the deadline was missed as the legislation to roll it out remained in limbo in the Opposition-dominated Rajya Sabha.