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GST in RS next week, govt’s fingers crossed

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The government on Friday listed the Goods and Services Tax ( GST) Constitution amendment Bill for discussion and passage in the Rajya Sabha for the week starting Monday.
Asked about the prospects of its passage, Finance Minister Arun Jaitley said: “I am keeping my fingers crossed.” Sources speculated the Bill might be taken up on Tuesday. However, government strategists refused to confirm this. Parliamentary Affairs Minister Ananth Kumar said: “ We will take up the Bill when confident that a consensus exists.” Senior government strategists were unwilling to say more than that, lest any comments might vitiate the hard- fought consensus, which the government hopes will last enough days for the much awaited Bill to sail through the Upper House of parliament. On any more outreach to the Congress and other political parties, a senior minister said all the negotiations and consultations had been concluded.
On the contentious subject of whether the Centre or state governments will have the authority to assess entities with turnover below ? 1.5 crore, a source in the government said he didn’t favour duplication.
He said a solution would be worked out when the GST Bills would be taken up.
In the afternoon, Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi, while making a statement about the Rajya Sabha business for the week starting August 1, said the 122nd Constitution Amendment Bill, 2014, that is GST, will be taken up for consideration and passage. Last week, the Rajya Sabha Business Advisory Committee had allocated five hours for discussion and passage of GST.
On Wednesday, the Cabinet had cleared changes in the legislation, dropping the controversial one per cent manufacturing tax and providing a guarantee to compensate states for any revenue loss in the first five years of roll- out of the ambitious indirect tax regime.
According to sources, Congress VicePresident Rahul Gandhi has expressed his support for the Bill, terming it “ constructive and positive”, after scrapping of the one per cent levy.
The government is keen to get the Bill approved during the Monsoon Session. The session ends on August 12, with 10 more sittings. The Bill was passed by the Lok Sabha in May 2015 and then vetted by a Rajya Sabha Select Committee. The Cabinet cleared the amended Bill last week, and it will have to go back to the Lok Sabha for passage once the Rajya Sabha approves it.
A Constitution amendment Bill needs to be passed by a minimum of two thirds of not less than half of the strength of the House.
In recent past, Jaitley has reached out to Opposition leaders, including those of the Congress, regional parties and Left parties.
The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions ( Amendment) Bill, 2016, is slated to be taken up by the Lok Sabha on Monday.
The Bill aims to amend four laws — Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( Sarfaesi), Recovery of Debts due to Banks and Financial Institutions Act, 1993 ( RDDBFI), Indian Stamp Act, 1899 and Depositories Act, 1996.
Business Standard New Delhi, 30 july 2016

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