News Details- (Get Professional Updates on Whatsapp, Msg on 8285393786) More News

Parliament passes Appropriation, Finance Bills 2016; Also clears Insolvency and Bankruptcy Bill

Posted Date : 12-May-2016 , 05:11:38 am | Posted By CASANSAAR print Print
Parliament passed Appropriation and Finance Bills with Rajya Sabha returning them to the Lok Sabha after a four-hour debate. It also cleared the Insolvency and Bankruptcy Code,2016.

Replying to the debate on Appropriation and Finance Bills , Finance Minister Arun Jaitley asked the Congress to reconsider the decision on Goods and Services Tax.

Conceding that the GST was originally initiated by the Congress, Mr. Jaitley said he will again be discussing the issue with leaders of the main opposition party.

Responding to Congress demand for a cap of 18 per cent tax in GST, the Finance Minister said it cannot be made the upper limit in the Constitution.

He argued that in case of drought in the future, the Constitution cannot be changed again and again. On Congress demand that dispute between centre and states on GST should be settled by a committee of Judges of the Supreme Court. Mr. Jaitley said this is a political issue and should not be surrendered to the judiciary.

Parliament also passed the Insolvency and Bankruptcy Code,2016 with Rajya Sabha approving it today.The Lok Sabha had passed it last week. 

The Code seeks to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner. 

The bill provides for setting up of a Insolvency and Bankruptcy Board of India to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies. 

As per the code, in case of insolvency, interest of the workers should be fully protected and they should be given dues for 24 months. 

The code provides for establishment of National Companies Law Tribunal and Debt Recovery Tribunals as adjudicating authorities for resolution of insolvency, liquidation and bankruptcy.

It is expected that the legislation will give a push to the ease of doing business in the country.

The bill was introduced in Lok Sabha on 21st of December last year and was referred to the Joint Committee of both the Houses.The Committee submitted its report on 28th of last month. #casansaar

Category : Budget | Comments : 0 | Hits : 748

Search News
News By Categories More Categories