New Delhi: After handing over the baton of the empowered group of state Finance Ministers over Goods and Services Tax to Bihar’s Deputy Chief Minister Sushil Kumar Modi, Union Finance Minister Pranab Mukherjee is confident that Modi would be able to ensure a consensus among all the states and the country would be able to adopt the new Indirect Tax regime by the mid of the next financial year.

The Finance Minister expressed hopes that the GST Bill would be cleared by Parliament in the upcoming monsoon session. He asserted that the chances of the Bill being cleared in the upcoming session would increase if the Standing Committee – Bill is pending before it for assessment - clears it before the end of the session.

Expressing confidence in Sushil Modi, the Finance Minister had said on Thursday that Modi’s experience made him eligible for the post.

The introduction of GST regime has been pending for four years due to differences between the Centre and some states over the structure of the new tax regime.

Some of the states, especially those ruled by the BJP have raised objections over the some of the implications of the new tax regime including abolition of some of the taxes accrued by the states and formation of a GST Council.

In order to implement the GST, all the state governments would be required to pass a similar GST law in their respective state assemblies.