Govt. hopes to pass Bankruptcy, GST Bills

The National Democratic Alliance government hopes to press the accelerator on reforms and pass the landmark Constitution (122nd Amendment) Bill for a national Goods and Services Tax (GST) and a separate Bill for Bankruptcy and Insolvency Code, 2015, in the second half of the Budget session beginning April 20, Union Finance Minister Arun Jaitley said on Sunday.

The current session of Parliament has already seen the passage of one landmark legislation two days ago, Mr. Jaitley said, referring to the Aadhaar (Targeted Delivery of Financial and other Subsidies and Services) Bill, 2016.

The legislation meant to provide statutory backing to the unique identification number was passed last week.

“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, addressing the Advancing Asia Conference.

The passage of the GST and the bankruptcy and insolvency laws, he said, would give a major fillip to India’s reforms process.

Data that may be helpful:

Important Points:

• The Goods and Services Tax Bill or GST Bill, officially known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India from June 2016. "Goods and Services Tax" would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State governments. Goods and services tax would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method.

 Source:- The Hindu,  14-Mar-2016