The Parliament passed the Finance Bill pertaining to the Budget for 2015-16 in the Rajya Sabha after a six-hour long discussion on various aspects of the legislation on late Thursday evening. The Bill was already passed by the lok Sabha.
During the debate, Finance Minister Arun Jaitley expressed the Government’s commitment to provide certainty to the tax regime to attract investments, both domestic and foreign. Jaitley also announced a high-level committee to look into the controversial issue of payment of Minimum Alternate Tax (MAT) by FIIs.
“We have decided to refer this matter (of payment of MAT by FIIs) as well as few other tax issues, which are essentially legacy issues, to a committee headed by justice A P Shah, the chairman of the law Commission,” he said.
He also sought cooperation of the members of the Rajya Sabha, where the ruling NDA does not enjoy majority, to support the constitutional amendment bill for roll out of the GST or else the April 1, 2016 deadline for its implementation would be missed. Congress is unlikely to support the GST and has demanded to refer to Standing Committee.
Before the debate and discussion started, the Opposition parties criticised the Government for clubbing non-money aspects like Foreign Exchange Management Act (FEMA) with the Finance Bill that was considered by the House.
The objection was made as soon as the House decided to take up the Appropriation Bill 2015 and the Finance Bill 2015 for discussion in the Upper House. Raising a point of order under the Rule 69, KN Balagopal (CPM) said he was opposing as 4-5 laws enacted independently are being amended through the Finance Bill.
laws such as Forward Contracts Regulation Act (FCRA), Securities Contracts Regulation Act, Foreign Exchange Management Act (FEMA), Prevention of Money laundering Act (PMlA) are sought to be amended through the Finance bill, he added while objecting. He said the issue needs to be sorted out before taking up the discussion as it curbs the rights of members.
To this, Deputy Chairman PJ Kurien said, “I am not disputing the fact. For the chair, the bill passed by lok Sabha and transmitted here, it is a money bill. ...The House is supreme.” Intervening, leader of the House and Finance Minister Arun Jaitley explained the definition of money bill quoting the Constitution.