Industry body presses for passage of six key bills this session

 Industry has called on all concerned stakeholders including the Opposition, to build consensus for prioritization to ensure passage of six key legislations - DTC, GST, Insurance bill, Coal Mines (Nationalisation) Amendment, Higher Education and Research and National Commission for Heritage Sites during the upcoming winter session of Parliament.

“There is an urgent need to support UPA government’s efforts to legislate aforesaid key bills vis-à-vis social development and economic security in national interest and to further accelerate the positive momentum gradually taking ground in our economy,”president of  industry chamber Assocham, Rana Kapoor said in a note submitted to the centre and key stakeholders.

The Assocham would also be holding group interactive sessions with the parliamentarians in this regard.

“The DTC can enhance economic efficiency of India’s tax system and increase tax-GDP (gross domestic product) ratio by providing stability in tax regime based on well accepted principles of taxation and best international practices,” he said, while highlighting that passage of the Direct Taxes Code Bill, 2010 would help India develop an effective and equitable taxation system by consolidating all laws related to income-tax and wealth-tax.

GST to boost exports

Passage of GST can boost India’s exports by three to six per cent and contribute about 1-1.5 per cent growth in the GDP, highlighted Assocham.

“The GST will rationalize multiple tax regimes into a single and simplified nationwide indirect tax system for services rendered or goods produced,” Kapoor said. “This will incentivize efficient allocation of resources for economic activity and enhance competitiveness of Indian business.”

Assocham believes that Insurance Laws (Amendment) Bill 2008, would raise FDI limit for insurance sector from the existing 26 per cent to 49 per cent.