Finance Minister Arun Jaitley said on Sunday the Centre hopes to pass the landmark Constitution Amendment Bill for a national Goods and Services Tax, as well as the bankruptcy and insolvency bill, in the second half of the Budget session beginning April 20. The GST bill has already been passed by the Lok Sabha and is pending ratification by the Rajya Sabha, where the ruling National Democratic Alliance government does not have a majority. After it is approved by the Upper House, the legislation needs to be ratified by half of the 29 states so as to roll out GST possibly by October 1, reported PTI.
Jaitley said the government's reform plans will get a major boost from the GST, and the bankruptcy and insolvency laws, even in an otherwise weak global scenario. “We are trying to have special emphasis now both in terms of legislative changes and resources being put to strengthen the banking system. I do feel that the next few months, in bringing about structural change, are going to be extremely important,” he said. The Union minister said that the NDA's growth model is based on concerns to eradicate poverty in the country.