‘Collateral reasons’ delaying GST, but other laws coming: Jaitley

While hinting that the government would not be able to pass the GST bill, finance minister Arun Jaitley said, “I am going to push for the insolvency and bankruptcy bill in the next three days”.

Jaitley said the opposition’s attempt to delay implementation of the proposed goods-and-services tax beyond the target date of April 2016 is “entirely for collateral reasons”. “And the only collateral reason I suspect is if I couldn’t do it, then why should somebody else do it?”

“At this point, I regret when Indian politics becomes a hurdle to India’s larger interests”, he added. He said it is not only Congress but some other parties also that have problems with the GST Bill.

“A delayed GST is better than a flawed GST”, he said.

The minister added that he would “still urge and persuade” the Opposition to give up their rigidity on Constitution-prescribed tariffs.

However, these are the bills that may actually get the majority vote and get passed before the Winter Session winds up in three days. “It would not be possible for the government to accept Congress party’s demand of prescribing GST tariff in the Constitution itself”. “We’re hoping that structural reforms undertaken will help us go to 8 percent growth in 2016-17”, he said, even as the mid-term economic survey released a day before had cut the prospect to 7-7.5 percent.

It has also been decided that Anti-Hijacking Bill, Atomic Energy Amendment Bill, Commercial Courts Ordinance Bill and the Arbitration and Conciliation Amendment Bill will be passed while two bills – Juvenile Justice (Care and Protection of Children) Bill and Whistle Blowers’ Protection Amendment Bill – are likely to be referred to the Select Committee. I am going to try and push some of them.

“India has nearly ceased to be the centre of arbitration and adjudication and we need to bring it back because the arbitration costs overseas are enormous for our companies”, he said.

“Therefore, the arbitration Act, which provides for fast-track mechanism with single arbitral member and outer time limit of six months to complete adjudication, will come up in these three days”, Jaitley said.