Skip to main content

Have GST Nos in RS: Govt

By
Parliamentary Affairs Minister M Venkaiah Naidu underlined that despite opposition attempts to disrupt the Rajya Sabha functioning, legislative work in Parliament has seen a remarkable jump since the NDA came to power and claimed that the Narendra Modi government now has the numbers to get the Goods and Services Tax (GST) Bill passed.
In a press interaction to mark two years of NDA rule, Naidu said, “Finance Minister has over the last one year clarified the government's position on the Bill and the government has the numbers.“
NDA strength in the Rajya Sabha will increase only marginally by July this year but the dwindling numbers of the Congress has given the government hope of getting support of regional parties to get the GST Bill passed.
Finance Minister Arun Jaitley has categorically said that the government is likely to bring the GST Bill for discussion and passage in the Rajya Sabha in the monsoon session even if the Congress is still not on board. The minister expressed con cern over 44 pending Bills in the Rajya Sabhawhere the ruling NDA is in a minorityand said he would like to take up this issue with the Vice President and leaders of other parties to ensure more coordination in passing of legislation in both Houses. “From now on, any disruptions and delaying tactics will invite a price. I am sure all political parties will read the writing on the wall and enable effective functioning of both Houses of Parliament,“ he said.
Interestingly , he mentioned that there have been social media campaigns to demand effective functioning of Parliament. However, after frequent disruptions in the earlier sessions, Naidu said both Houses have now evolved a “new equilibrium“ under which while the opposition raises issues with all its might, legislative business also goes on.
“I hope this balance will continue to stay in the days ahead,“ he said.
In the last two years, 101 Bills were introduced in both Houses (96 in Lok Sabha and five in the Rajya Sabha). But while Lok Sabha has averaged passing of 48 Bills per year in the last two yearsfrom the earlier figures of three per year for the last ten yearsRajya Sabha cleared an average of 41 Bills per year in this time, which is a decline of 4 Bills per year.
The Economic Times New Delhi, 25th May 2016

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more