 "Seelam confident GST Bill will be passed in winter session")
Union minister of state for finance, JD Seelam, is confident that the Constitutional (Amendment) Bill for Goods and Services Tax (GST) will be adopted by Parliament during its winter session.
“The Parliamentary Standing Committee had submitted its report on August 7 making some recommendations. Some sub groups are now looking into the suggestions made by the committee. We will incorporate those suggestions shortly. I am sure the Bill will be passed in the winter session,” he said at an interactive meeting with the representatives of the trade and industry and entrepreneurs here on Wednesday.
The GST legislation has been pending for long on account of differences between the states and the Centre over some of its provisions.
Earlier, Srinivas Ayyadevara, president of The Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci), which organised the meeting, said ushering in the GST legislation should be the top priority of the Union government.
Stating that the industry in Andhra Pradesh was going through an “unprecedented” crisis not only due to the slowdown of economy but also on account of power shortage and prolonged agitations over the statehood issue, Ayyadevara urged the minister to go slow on tax collections and liberalise norms for corporate debt restructuring (CDR).
The minister said he would talk to the Reserve Bank of India governor, Raghuram Rajan, about relaxing the CDR norms for the AP industry in the light of the prevailing situation.
Seelam said tax collection and disinvestment targets for the current year would be met. Efforts were also being made to reduce the rupee volatility, narrow down the current account deficit and expand the number of tax payers in the country.
“The Parliamentary Standing Committee had submitted its report on August 7 making some recommendations. Some sub groups are now looking into the suggestions made by the committee. We will incorporate those suggestions shortly. I am sure the Bill will be passed in the winter session,” he said at an interactive meeting with the representatives of the trade and industry and entrepreneurs here on Wednesday.
The GST legislation has been pending for long on account of differences between the states and the Centre over some of its provisions.
Earlier, Srinivas Ayyadevara, president of The Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci), which organised the meeting, said ushering in the GST legislation should be the top priority of the Union government.
Stating that the industry in Andhra Pradesh was going through an “unprecedented” crisis not only due to the slowdown of economy but also on account of power shortage and prolonged agitations over the statehood issue, Ayyadevara urged the minister to go slow on tax collections and liberalise norms for corporate debt restructuring (CDR).
The minister said he would talk to the Reserve Bank of India governor, Raghuram Rajan, about relaxing the CDR norms for the AP industry in the light of the prevailing situation.
Seelam said tax collection and disinvestment targets for the current year would be met. Efforts were also being made to reduce the rupee volatility, narrow down the current account deficit and expand the number of tax payers in the country.