Skip to main content

GST Bill might be passed in April FM

By
Finance Minister Arun Jaitley on Sunday said he was hopeful that the much- delayed Constitution amendment Bill on goods and services tax ( GST) would be passed in the second half of Parliament’s Budget session, in April.
He also expressed hope for the bankruptcy and insolvency Bill.
In the first half of the Budget session, the key Aadhaar and Real Estate Regulation Bills were passed.
Jaitley said the GST and bankruptcy Bills would give a major push to India’s reform process, in an otherwise weak global economic weather.
“The current session of Parliament has already seen a landmark legislation passed two days ago. And I do hope to see another two being passed in the second part of the session,” he said at the end of the three- day Advancing Asia Conference, co- hosted by India and the International Monetary Fund.
The GST and bankruptcy Bills are among key reforms for India, the progress of which is being keenly watched by the global investors.
The constitution amendment Bill for GST has already been passed by the Lok Sabha and is pending ratification by the Rajya Sabha, where the ruling National Democratic Alliance does not have amajority. After it is approved by the Rajya Sabha, the legislation needs to be ratified by at least half the 29 states.
The second half of the Budget session will begin on April 20.
Once the bankruptcy and insolvency Bills is approved, Jaitley said, “ It will give a major fillip or push to our reform process.” Exhibiting determination to move on the reform path, India can provide a significant growth to the world, he said.
The GST Bill is proposed to usher in a unified indirect tax regime, which will subsume various taxes like excise, service tax, value added tax, sales tax, and octroi, at both the state and the Centre levels.
“We are trying to have special emphasis now, both in terms of legislative changes and resources being put to strengthen the banking system. I do feel the next few months are going to be extremely important in bringing about structural change,” the minister said. Stating India has its own share of problems, Jaitley said there was increased determination in the country to face the challenges and accelerate the pace of reforms, so as to continue to grow. “Our growth model is based on concerns to eradicate poverty,” he said.
Business Standard, New Delhi, 14th March 2016

Comments

Post a Comment

Popular posts from this blog

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

By
  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...
Post a Comment
Read more

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

By
  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024
Post a Comment
Read more

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

By
  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...
Post a Comment
Read more