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

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

By
  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
Post a Comment
Read more

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 rep
Post a Comment
Read more

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

By
  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
Post a Comment
Read more