New Delhi: The Union Cabinet has approved the Constitutional Amendment Bill to roll out Goods and Services Tax and is likely to introduce it in the current session of Parliament.

"We will try to introduce it in Parliament in the present session," Finance Minister Pranab Mukherjee told reporters here.

Once implemented, the GST will include multiple indirect taxes such as the central excise duty, services tax, and state taxes including Value Added Tax (VAT), entry tax and purchase tax, besides local levies.

Although the Cabinet has cleared the bill, however, the picture is unclear over the share of states in the GST council. There have been concerns that giving veto power to the Union Finance Minister in the envisaged council would create monopoly of the Centre, which could undermine the autonomy of the states.

The first three drafts were rejected by various states raising concerns over their autonomy. Considering the stand taken by the states, the Central Government has made changes in the fourth draft of the bill.

The latest Bill has proposed that the GST council would be formed through presidential order so that it is kept away from the constitutional status. However, the decision over GST Dispute Resolution Authority would be taken by the Parliament.

The Finance Minister has set April 1, 2012 as a deadline for rolling out the GST.

Notably, petroleum, natural gas, diesel and aviation turbine fuel have been kept out of the GST ambit in the final draft.

JPN/Bureau