Skip to main content

GST Bill Slated for Passage in Rajya Sabha Next Week

By
Sources said Cong has softened its stand & some meeting is likely by the beginning of next week
There appears to be some forward movement on the Goods and Services Tax Bill with Congress showing a more positive attitude towards the government on the issue, leading the Narendra Modi dispensation to list it in the business for the forthcoming week in the Rajya Sabha.
Government sources claimed that Congress has softened its stand at Congress has softened its stand to some extent on the GST Bill and some meeting ground is likely by the beginning of next week.
Finance Minister Arun Jaitley has been engaged in back channel negotiations with the Congress leaders. However, a structured meeting has not been held after the `preliminary talks' between the government and the principal Opposition before the Monsoon Session began.
Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi stated in the Rajya Sabha that the Goods and Services Tax Bill is listed for discussion and passage in the coming week. The Upper House Business Advisory Committee, which comprises of members from all major parties, has already unanimously agreed to allocate five hours for discussing the Bill.
Sources said if all goes well the GST Bill may come up after the meeting of Empowered Group of Finance Ministers of states with Jaitley that is scheduled to take place on July 26.
The convening of this meeting at this juncture is being read as a positive sign as some consensus is likely to emerge. Most states, including those ruled by the Congress, have said that they are in favour of the GST Bill.
Bihar Chief Minister Nitish Kumar had met Jaitley last week in Parliament and later told reporters that he is not in favour of putting the tax cap in the Constitution amendment Bill. JD(U), though an ally of the Congress, is openly in favour of the GST Bill. TMC, BJD and other parties have also extended their support. The government is also trying to assuage the ego of Samajwadi Party, which had said that it is not being consulted on the Bill. However, AIADMK is still opposed to the Bill as it feels Tamil Nadubeing a manufacturing statewill be at the receiving end if GST is implemented. Efforts are on to get the party on board.


Economic Times New Delhi,23th July 2016


Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

By
  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...
Post a Comment
Read more