1. GST unlikely, bankruptcy Bill to be introduced: FM Arun Jaitley

GST unlikely, bankruptcy Bill to be introduced: FM Arun Jaitley

Finance Minister Arun Jaitley today said that a delayed GST is better than a flawed GST.

By: | New Delhi | Updated: December 20, 2015 1:05 AM
Arun Jaitley on gst

“The next three days in Parliament are extremely crucial… I am going to be pushing for the insolvency and bankruptcy law before Parliament in the next three days,” Arun Jaitley said while speaking at the Ficci AGM here.

Even as he indicated that the Goods and Services Tax Bill might not get passed in the current session of Parliament, finance minister Arun Jaitley on Saturday said his government will introduce the insolvency and bankruptcy Bill this session.

Exuding confidence to convince the Opposition for passing the Bill in the current form, he said, “I think a
delayed GST is better than a flawed GST,” while addressing the annual general meeting of Federation of Indian Chambers of Commerce and Industry in the Capital.

The minister said the government will also push for the Arbitration and Conciliation (Amendment) Bill, and changes in the Resolution of Commercial Disputes Act with Amendments in Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill in the remaining three days of the winter session, which ends Wednesday.

As far as the delay in GST Bill is concerned, Jaitley said the delay is due to “collateral reasons” by Opposition parties.

“If I couldn’t do it, why should somebody else do it?” he said.

On the revision of India’s GDP for the current fiscal to 7-7.5% on Friday, from 8-8.5%, as forecast by finance ministry economists in February, Jaitley said India is growing at a much faster rate, while the global economy is growing at a “modest pace”. He attributed the downward revision to a less-than-expected monsoon that has impacted rural consumption, and fall in demand for India’s products, which has hurt its exports and eventually trade deficit, as well as fall in global oil and commodity prices.

In the year to come, Jaitley said if the government is able to continue with thrust on public investment, incentivising foreign direct investments, and increasing spends on physical and social infrastructure, the country’s GDP could see “a jump of 1-1.5% or more, which is not only possible, but achievable”.

Meanwhile, Congress leader Anand Sharma said at the same event: “It (GST) is not going to happen in this session. We will engage with them, but this is not the right time. April 1, 2016, is not sacrosanct and not achievable at all.”

Tags: Arun Jaitley
  1. A
    Ashraf
    Dec 19, 2015 at 1:24 pm
    These looterre fake his which are now making loudest of noises for vendetta are the onces which have acted as no less than, barbaric daccoits with their mive land grabbing acts in herald with, robber uncles, maffios nexus bringing ultimate devastation of economy of our country.
    Reply
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      Atul
      Dec 20, 2015 at 3:43 am
      Yes you are right Mr Jaitley because it is linked to scams of the corrupt mafia Sonia.She wants that if she is let off all the bills the Govt will table will p.But don't do that.Let the GST be not ped.Let there be no growth.People will be happy if this corrupt Sonia is punished like any other guilty.She should be treated for treason and looting the nation.Dr Swamy should be more active now .She has got bail only.The trial is yet to begin and hats off to the judge,Sonia has not been exempted from personal appearance.
      Reply
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        Atul
        Dec 20, 2015 at 9:33 am
        I know Mr Editor you are corrupt Sonia's peon so you will not publish any comment against her.You have been bought over by that stupid lady.You don't need to publish this it is for you only.
        Reply
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          Atul
          Dec 20, 2015 at 9:30 am
          Yes Mr FM.Bankruptcy bill will be ped because the bankrupt Congress will support it.
          Reply
          1. A
            Atul
            Dec 20, 2015 at 9:47 am
            Our media had mortgaged its independence since 2004 when the corrupt UPA came to power.Now there is no Goenkaji to take on Indira hi during emergency.
            Reply
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