New Delhi, Dec 12 (IANS): After a meeting with the Empowered Committee of State Finance Ministers, Finance Minister Arun Jaitley was Friday optimistic about initiating the discussion on the proposed constitutional amendment bill for implementing the Goods and Services Tax (GST) in the ongoing session of parliament.

"This week I'm trying my best to get an agreement with state finance ministers so that we can introduce the discussion on the amendments (on GST Bill) in this session," Jaitley said at the Agenda Aaj Tak event here.

"I am making maximum effort, so that at least in the next session we can have the legislation passed," he added.

Earlier, in a setback to the government's efforts to reform the indirect tax system, states Thursday rejected the draft Goods and Services Tax (GST) Bill, saying it does not address their concerns on the issues of compensation, entry tax and the tax on petroleum products.

"There is no consensus between the Centre and states on three things - the compensation issue, petrol tax and entry tax. The Empowered Committee is not supporting the bill without these three things," chairman of the committee Abdul Rahim Rather said here after a meeting of the state finance ministers.

The proposed constitutional amendment bill also does not provide for giving states compensation against any possible loss of revenue after the GST regime is implemented for five years in line with what the states have been asking for, Rather, also the finance minister of Jammu and Kashmir, added.

"The government has not agreed to our recommendations made last time, except one. We had said that the share of the union government in GST should go to the divisible pool and should be devolved among states, which has been agreed to by the Centre," Rather said.

The Empowered Committee met with Jaitley late Thursday.