Skip to main content

Consensus eludes on GST but RS to pass 6 Bills in last 3 days

There is hope that the Rajya Sabha is likely to function smoothly for the three remaining days of the winter session of Parliament. But it might not discuss contentious legislations such as the Goods and Services Tax (GST) Constitution Amendment Bill.
This has dashed any hopes of the GST being rolled out by April 2016. The tax reform would now be taken up in the Budget session in Februaryend.
At an all- party meeting convened by Rajya Sabha Chairman M Hamid Ansari, the Opposition, including the Congress, agreed it would ensure the passage of at least half- a- dozen Bills and allow the House to debate issues such as price- rice, agrarian crisis, impact of floods and drought, the political crisis in Arunachal Pradesh and the intolerance issue. However, consensus eluded on the GST and real estate ( regulation and development) Bills.
Ansari described the hourlong meeting as “ good”. The Bills that the meeting agreed the House should pass before its session concluded on Wednesday are the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Amendment Bill, the Appropriation Bills, the AntiHijacking Bill, the Atomic Energy Amendment Bill, the Commercial Courts Ordinance Bill and the Arbitration and Conciliation Amendment Bill. It was agreed that two other Bills — the Whistleblowers Protection (Amendment) Bill and the Juvenile Justice ( Care and Protection of Children) Bill — would be referred to Rajya Sabha select committees. The fate of the Child Labour (Protection and Regulation) Amendment Bill would be decided after further consultations.
Leader of Opposition in the Rajya Sabha Ghulam Nabi Azad disputed the government’s claim that the GST Bill was discussed in the meeting. He said only Bills where there was an agreement were discussed.
“Everybody is aware that there is no consensus on GST. Not only the Congress, but other parties also had reservations on GST,” he claimed.
Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi said several parties expressed concern at the Rajya Sabha not transacting any business and proposed to pass the pending Bills by sitting late. Naqvi said Finance Minister Arun Jaitley appealed to the Opposition parties to past the GST Bill, but the Congress disagreed.
The Opposition parties, primarily the Congress which is the single largest party in the Rajya Sabha, had disrupted house proceedings after the session started on November 26. The reasons for disruptions ranged from the Governor’s role in Arunachal Pradesh, the CBI raid on a Delhi government official and “politics of vendetta” by the government.
Naqvi said there was no discussion at the meeting about the Chairman of Rajya Sabha being given more powers to act against members for routinely disrupting the House. Shiromani Akali Dal MP Naresh Gujral asked the Bharatiya Janata Party and the Congress to resolve their differences to allow the House to function.
The Rajya Sabha has only passed one Bill in the entire session, while the Lok Sabha functioned despite protests by the Congress.
BILL AGENDA
  • Bills RS is likely to pass in three days: The Scheduled Castes and Scheduled Tribes ( Prevention of Atrocities) Amendment Bill, the Appropriation Bills, the Anti- Hijacking Bill, the Atomic Energy Amendment Bill, the Commercial Courts Ordinance Bill and the Arbitration and Conciliation Amendment Bill |Bills to be referred to select committees: Whistleblowers Protection ( Amendment) Bill, the Juvenile Justice ( Care and Protection of Children) Bill and the Child Labour ( Protection and Regulation) Amendment Bill |Bills postponed for Budget session: GST Constitution Amendment Bill and the Real Estate ( Development and Regulation) Bill.
Business Standard, New Delhi, 19th Dec. 2015

Comments

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm

Credit card spending growth declines on RBI gaze, stress build-up

  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and