GST and Insolvency bills to be passed in second half of budget session of Parl: Jaitley

News4u-News Desk- Finance Minister Arun Jaitley expresses hope that the GST and Insolvency bills will be passed in second half of the budget session of the parliament.

Addressing the closing ceremony function of ‘Advancing Asia’ summit, Jaitley thanked the International Monetary Fund for recognising India as a bright spot in the world.

Jaitley expressed confidence in India’s increasing determination to face the challenges.

Finance Minister Arun Jaitley

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Govt appeals to parties for GST passage

News4u- News Desk-Winter session of Parliament starts on Thursday; Prime Minster urges all-parties to allow parliament to function in a meaningful and constructive manner; Lok Sabha Speaker Sumitra Mahajan too requests all parties to cooperate in the smooth running of the house.

Union Parliamentary Affairs Minister Venkaiah Naidu appealed to all opposition parties to pass the GST bill in Parliament’s winter session, scheduled to begin from Thursday. He was speaking at an all-party meeting convened in New Delhi on Wednesday.

The government is keen to pass the GST bill, which needs to be ratified by at least half the states before rolling it out by the stipulated date of 1st April 2016.

As many as 38 legislative items including seven new Bills for introduction will come up in the Winter session.

Saying that government was aware of some unfortunate incidents happening, the minister clarified that neither the government or BJP has anything to do with such incidents of enforcing it’s views on others.

Earlier in a letter to all Members of Parliament, she had appealed them to maintain decorum in Parliament. Monsoon session was largely unproductive as it saw very little business due to constant disruptions by a stubborn opposition.

Naidu also made it clear that the government is ready to debate on all issues including alleged intolerance in the country in the Parliament.

Union Telecom Minister Ravi Shankar Prasad also said the government is ready to debate any issue on the condition that opposition extends full support.

Janata Dal (United) Chief Sharad Yadav has demanded discussion in Parliament on stalemate in Nepal.

He further said that the Lok Sabha Speaker should bring a resolution through consensus on the discussion and debate taking place on the Constitution. He was addressing the media after the all party meeting on Wednesday.

On Winter session of Parliament, Parliamentary Affairs Minister Venkaiah Naidu said the ease of doing business is in govt’s top in agenda.

He added that the government will try to escalate the pace of pending bills and will welcome the suggestions from opposition for the betterment of bills. The Parliament’s winter session will start from 26th November and will go on till 23rd December.

The government would be keen to pass the GST bill, which would then need to be ratified by at least half the states, for it to be rolled out by the stipulated date of 1st April 2016.

The session comes after the largely unproductive Monsoon session which saw very little business due to constant disruptions by a stubborn opposition.

The government is determined to get the GST Bill passed during the winter session of Parliament.

Meanwhile, on Tuesday to decide the strategy during the winter session the government called a meeting of senior ministers which was attended by Rajnath Singh, Arun Jaitley, Sushma Swaraj, Venkaiah Naidu and Manohar Parrikar.

During the meeting discussion was held on getting three Bills relating to replacement of Ordinances, GST Bill, Real Estate Regulation Bill.

In an exclusive interview to DD News, Finance Minister Arun Jaitley said it was decided to continue the consultation process with the opposition.

According to government, GST is not only in the interest of the economy and the nation but is the need of the hour.

GST is called the biggest tax reform since independence; under GST all goods and services will be taxed in same way.

Meanwhile, incidents like the Dadri lynching, Kalburgi killing, among others also cropped up during the high-level ministerial meeting on Tuesday.

The government maintains that the Centre and BJP have nothing to do with these incidents as they relate to state subjects like law and order. PM Modi has spoken on these incidents at the highest level.

According to government, there is no question of it being on the defensive in the issue but if opposition would like to raise such issues the government won’t shy away from debates.

During the first two days of the session, discussion will take place on Dr Bhimrao Ambedkar’s contribution in the architect of the constitution.

Govt appeals to parties for GST passage

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Matter of time before GST is passed: Jaitley

News4u-News Desk- Finance Minister Arun Jaitley has said that India will have to hold on to its ground of economic reforms to sail through the current turmoil in global economy.

In an interaction with anews magazine on Wednesday, the Finance Minister said that the mood in the country is upbeat and in favour of faster economic growth which is a positive sign for the national economy.

He said that it is only a matter of time before GST is passed by the Parliament as almost all parties are supporting it.

Jaitley also said India is doing reasonably well in the times of a global turmoil and can embark on a much higher growth. He said that the government will not be sort of black money and it is the fundamental right of a country to get the black money into the banking system.

He added that the NPAs in banking sector is a matter of concern, but there is no ground to panic as solution to the problem is in sight.

On the Land Acquisition Bill, Jaitley said that the government has not moved backward on the legislation rather states have been asked to form their own laws.

Jaitley

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Lok Sabha passes GST Constitutional Amendment Bill

News4u-News Desk- The long-pending GST bill was approved by Lok Sabha on Wednesday after a walkout by Congress even as government vowed to compensate states for any revenue loss and assured that the new uniform indirect tax rate will be much less than 27 per cent recommended by an expert panel.

The Constitution Amendment Bill to implement the Goods and Services Tax (GST), originally mooted by the UPA, was passed by 352 votes against 37 after the government rejected the opposition demand of referring it to Standing Committee.

Prime Minister Narendra Modi was not present in the House at the time of voting.

Opposition members moved several amendments to the bill which was negated. Some members like Saugata Roy of Trinamool Congress and B Mahtab did not move some of the amendments after assurances by the FINANCE Minister.

The GST, which is proposed to be implemented from April 1, 2016, will subsume excise, service tax, state VAT, entry tax, octroi and other state levies.

Replying to the debate on the bill before Congress walked out, FINANCE Minister Arun Jaitley said the proposal to reform the indirect taxes has been pending for the last 12 years and his predecessor P Chidambaram had also mooted it during UPA rule.

Rejecting the Opposition demand for referring the Bill to the Standing Committee, he said the panel has already examined various provisions of the new legislation and several of its suggestions have been incorporated.

“A bill is not a dancing instrument that it will be jumping from Standing Committee to Standing Committee,” he said.

Commending the bill, he said this is a “very important moment” because the whole process of indirect taxation in India will change once the GST is implemented.

With regard to a recommendation of an expert panel for revenue-neutral GST rate of 27 per cent, Mr. Jaitley said it is “too high” and will be “much diluted”.

He said GST would ensure seamless and uniform indirect tax regime besides lowering inflation and promoting growth in the long run as he sought to allay concerns of the states that they would be hurt by its implementation.


LS approves GST Bill

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