Four Bills passed 21 amendments made in Finance Bill 2016

Four Bills passed 21 amendments made in Finance Bill 2016

The Parliament on Wednesday passed the Finance Bill 2016 and Appropriation Bill 2016 besides the Insolvency and Bankruptcy Code Bill after an intense debate in the Rajya Sabha with the Government making 21 amendments in Finance Bill. Both the Bills were passed by Lok Sabha last week.

The Insolvency and Bankruptcy Code paved the way for faster winding up of ailing companies, facilitating ease of doing business and making a more attractive investment destination. Parliament also passed the Dr Rajendra Central Agricultural University Bill, 2015 without any discussion but with a single amendment.

Replying to queries of members in Rajya Sabha on Finnace Bill, Finance Minister Arun Jaitley said it has to be acknowledged that India is a fast growing economy with no global tailwinds supporting it. While India is doing much better than global peers, it can do even better, he said.

 On GST, Jaitley said the Government was willing to drop the proposal of extra One per cent levy over and above the GST rates. “There cannot be uniform tax on all commodities,” he added.

 Jaitley, who moved some amendments to the Finance Bill introduced by him on February 28 along with demands for grants and appropriation bill, listed out measures taken by the BJP Government in last two years to give relief to small tax payers and reduce tax litigation. On blackmoney, he said, Government efforts have brought to the books Rs71,000 crore of undisclosed assets.

Replying to the queries of members on the Bill, MoS Finance Jayant Sinha said the proposed Bankruptcy Board will be manned by eminent professionals to ensure a transparent liquidation of ailing firms. India will also coordinate with other countries to cover foreign assets of industrialists filing for bankruptcy.

-12 May 2016 | PNS | New Delhi