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Finance minister Arun Jaitley hopeful of GST, insolvency bills passed in this session

The government hopes to get two key legislations -the bankruptcy and insolvency bill and the Constitution amendment bill for implementing the ambitious Goods and Services Tax (GST) – approved by Parliament in the second half of the budget session, finance minister Arun Jaitley said on Sunday.

“The current session of Parliament has already seen one landmark legislation two days ago and I do hope to see another two in the second part of the session with regard to the insolvency law and the Goods and Services Tax (GST). Once we are through with them, this gives a major push to our reform process,” Jaitley said on the concluding day of the IMF-finance ministry seminar.

Lok Sabha on Friday passed the Aadhaar bill to provide a unique identity to residents and give legal teeth to the government in ensuring that its subsidies and services directly reach the beneficiaries in entirety.

The second half of the budget session starts from April 25. The Constitution amendment bill on GST has been pending in Parliament as the main opposition Congress has raised objections and has stalled passage of the landmark legislation. The government hopes to implement GST by April 2017 which will add to economic growth and usher in transparency.
Jaitley said there was increasing determination in the country to face the global challenges and step up the pace of reforms for faster growth.

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