\"There will be an exemption limit for small traders and the limit is likely to be fixed at Rs 25 lakh. The states and the Centre are now involved in an intense discussion on this.

Since Parliament passed the Constitution Amendment bill on August 8, as many as 16 states, starting with Assam, have ratified the bill.

Eager to meet the April 1 target to roll out the landmark Goods and Services Tax (GST), the government may advance Winter Session of Parliament by a fortnight to get supporting legislations passed, leaving sufficient time for implementation of the new indirect tax regime.

The rate of GST on processed foods should be kept low or at zero as the country cannot afford to have high taxes, with food inflation already over 6 per cent, industry body CII said on Wednesday.

The tasks listed so far are the easier ones. The real challenge will be building a consensus on the model GST law and draft rules for Central GST, Integrated GST and State GST.

Perceived as a panacea for India's convoluted tax structure, GST is designed to subsume taxes on production, sales and services - ranging from services tax, entertainment, luxury and purchase tax to excise duty, value-added tax, central sales tax and entry, or octroi, taxes.

The Congress, which originally mooted a Goods and Services Tax (GST) in 2009 to replace all indirect taxes, has been demanding that the overall rate be capped at 18 per cent and scrapping of an additional 1 per cent tax designed to compensate manufacturing states that fear losing out revenue.

\"Half way through the next session, the numbers of the Upper House are also going to change. So I am reasonably optimistic that we may be able to push it (GST Bill) through,\" Arun Jaitley said.

There are a few things in the business process draft that still need to be ironed out. For instance, the proposed returns process, which is quite detailed in nature.

Finance Minister Arun Jaitley, Parliamentary Affairs Minister M Venkaiah Naidu and Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi are talking to all political parties to reach a consensus on GST.

Constant delays, lack of consensus among the Centre and the States resulted in waning interest of the industry.

The implementation of the Goods and Services Tax is still mired in controversy and the govt, in attempting to accommodate the objections of the states, has completely distorted this levy.