The Government is confident that it would push for bankruptcy law in the remaining three days of the ongoing Winter Session of Parliament, but the much-talked about Goods and Services Tax (GST) Bill may be put on hold for the next session of Parliament.
"The next three days in Parliament are extremely crucial. I am going to push for the insolvency and bankruptcy law before Parliament in the next three days," Finance Minister Arun Jaitley told the media while speaking at the FICCI AGM in New Delhi on Saturday.
As far as the Arbitration and Conciliation Bill, which has already been passed by the lok Sabha, Jaitley, however, said, “The new legislation provides for a fast-track mechanism to complete adjudication. The Bill would come up before the Rajya Sabha in these three days.”
As the Winter Session of Parliament ends on coming Wednesday, Jaitley accused the Congress in delaying GST for 'collateral reasons'. "Some people do get sadistic pleasure in seeing India slow down. But then, it is a sadistic pleasure at a very severe national cost. We cannot allow that," he said.
The Finance Minister also maintained that a delayed GST is better than a flawed GST. The minister added that he would still urge and persuade the Opposition to give up their rigidity on Constitution-prescribed tariffs. "The Constitution-prescribed tariffs actually can be an albatross around the neck of the future generation. And we owe it to them not to create situations of this kind," he said.
Meanwhile, Congress leader Anand Sharma said, "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." The GST Bill is stuck in the Rajya Sabha where the ruling NDA Government does not have a majority as well as stiff opposition by the Congress. The Government had planned to roll out GST from April 2016. Asked if the Congress would support the bankruptcy Bill, Sharma said, "We are in favour of passing what is urgent, what is appropriate."
"The biggest challenge at the moment is to get the Indian politics to support the economic reforms in the midst of the global slowdown," Jaitley said, adding that the endeavour should be to overcome political obstacles coming in the way of growth.
The GST is being touted as the biggest reform in indirect taxation since Independence. Sharma hoped that it would become a reality, but the Government has to address the concerns of the Opposition in the interest of the country. "Opposition cooperation is not rubber stamping of what the Government wants. We are authors of GST and this country will have GST," Sharma added.
The lok Sabha has already passed the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill and Arbitration and Conciliation (Amendment) Bill. On the soft price scenario globally, the Finance Minister said, "lower commodity price is a regime that has largely suited India and the longer it continues, the better it is. India is a net importer of oil and hence, low oil import bill helps its finances."