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Business EconomyPosted at: May 23 2016 6:49PM


Odds are loaded against passage of GST bill: CLSA

New Delhi, May 23 (UNI) The Government may be putting up a brave face on Goods and Services Tax (GST) bill but odds are clearly loaded against the passage of the proposed legislation notwithstanding BJP’s thrilling performance in recent elections to five state assemblies, said a leading global brokerage firm.
“Even after the elections to Rajya Sabha in July ahead of the monsoon session of Parliament, parties explicitly opposed to GST bill still add up to more than one-third of the House strength,” said CLSA, adding “Unless the Congress, or the AIADMK or the Left decides to help the government, the GST bill cannot pass.”
Market is expecting the government to get aggressive on pushing through reforms after a good showing in the recent assembly polls.
"If this bill does not pass in the next session, GST implementation will get pushed out to April 2018 or later -- too close to the next general election for the BJP's comfort," said the CLSA note.
The main Opposition Congress has not given any hints that it is ready to drop its insistence capping of GST tax rate at 18 per cent in the Constitution Amendment bill itself. Both AIADMK and the Left are opposed to the legislative proposal.
GST bill, a Constitutional amendment, needs support of two-third members of the Rajya Sabha.
The brokerage said it feels the government will not find it easy to push through legislative reforms in the foreseeable future. "We reiterate that even after the next biennial RS elections in 2018, the ruling coalition will hold only 34 per cent of the RS seats and hence legislative progress will continue to be slow," added the CLSA note.
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