Hope to pass GST, bankruptcy bill this session: Arun Jaitley

Exhibiting determination to move on the reform path, India can provide a significant amount of growth to the world, he said.

By: PTI | New Delhi | Updated: March 13, 2016 6:32 pm
public sector banks, arun jaitley, psb bad debt, psb bad loans, psb banks money relief, business news, india news, latest news Finance Minister Arun Jaitley. (PTI Photo)

The government hopes to pass the landmark Constitution Amendment Bill for a national Goods and Services Tax (GST) as well as the bankruptcy and insolvency bill in the second half of the Budget session beginning April 20, Finance Minister Arun Jaitley said on Sunday.

The GST bill has already been passed by the Lok Sabha and is pending ratification by the Upper House, where the ruling NDA does not have a majority. After it is approved by the Rajya Sabha, the legislation needs to be ratified by half of the 29 states so as to roll out GST possibly by October 1.

“The current session of Parliament has already seen one landmark legislation two days ago. And I do hope to see another two being passed in the second part of the session with regard to the bankruptcy and insolvency laws and GST,” he said at the Advancing Asia Conference in Delhi.

The Parliament had last week passed the Aadhaar Bill, providing statutory backing to the unique identification number for transferring government subsidies and benefits.

Also, the Real Estate Bill was approved by the Rajya Sabha.

Once the GST and the bankruptcy and insolvency laws are approved, “I think this gives major fillip or push to our reform process” even in an otherwise weak global scenario, Jaitley said.

Exhibiting determination to move on the reform path, India can provide a significant amount of growth to the world, he said.

“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 that next few months, in bringing about structural change, are going to be extremely important,” the minister said.

Stating that 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.

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  1. S
    Mar 13, 2016 at 12:47 pm
    It is difficult to cross Congress adanga at any cost this time also only hopes of meracle Congress though has lost elections but there is no loss in nuisance value so no hopes for GST
  2. V
    Virendra Sason
    Mar 13, 2016 at 10:10 am
    जेटली साहब, GST और bankruptcy bill को अभी छोड़े , अपना वित्त मंत्रालय देखें। ज्यादातर कंपनियां कर्मचारियों और कॉर्पोरेट्स का हिस्सा समय से या जमा नहीं कराती है और सरकार सब देखते हुए चुप रहती है। क्यों ?क्या भष्टाचार नहीं है ? आप सभी कॉर्पोरेट्स की जाँच करा सकते है। यही TDS/TCS, Service Tax के साथ होता है। बिल्डर्स Corpus fund के साथ ऐसा करते है। इनकम टैक्स व सेंट्रल सर्विस टैक्स पता नहीं क्यों मूक दर्शक बने रहते है। यही सब भ्र्ष्टाचार नहीं है ? क्या यही करप्शन फ्री सरकार है ?
  3. A
    Mar 13, 2016 at 10:42 am
    It is advised Congress party to support the GST Bill in the interest of nation as w.If opposed it then people of this country will now confirm that congress Party is not at all interested in the progress of our Economy for sake of Rahul hi who is bend on opposing every good move of Narnedra Modi.Old Party must behave dignifying manner.
  4. S
    Mar 13, 2016 at 11:58 am
    If congress is shroud they should allow to p GST bill in this session and take some credit of it. If they lose this opportunity then next session there No.will go down in Rajyasabha. BJP will take full credit for that.
  5. R
    Mar 13, 2016 at 8:34 am
    Congress and other opposition parties can wash off their negative image in one shot by supporting these bills. This can be good opportunity for them to be back in business.
  6. X
    Mar 13, 2016 at 12:13 pm
    Hope is eternal. Hope for the hopeless hope.
  7. R
    Mar 13, 2016 at 9:37 am
    The bankruptcy bill is more important because AJ has already giving us a 15% Tax through cess's so we are already getting GST. All three are important for the nation GST Bankruptcy and property protection bills hopefully the opposition will p them for INDIA!
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