House to take up GST, black money bills next week

Land acquisition bill to follow soon after

House to take up GST, black money bills next week
As the government rushes against time, before it wraps the Budget session, several crucial legislations stare it in its face. Important among them being two financial bills and a contentious land acquisition bill.

Finance Minister Arun Jaitley on Friday said that he intended to take up the black money bill in Parliament next week. Officials in the Finance Ministry said that they were hopeful of getting the Goods and Services Tax bill passed in this session itself. The two bills are important from the point of view of taxation reforms.

“Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad,” Jaitley said at the ‘Enforcement Day’ function organised by the Directorate of Enforcement here.

‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015’, commonly known as black money bill, provides for heavy penalty and stringent punishment of up to 10 years for stashing unaccounted funds abroad.

The black money bill is almost through in the current House session. According to sources, the government wanted to take up the bill in the Lok Sabha immediately after the passage of the Finance Bill. But at the last moment, it was decided to defer it until the next week as there were many provisions in the bill requiring wider consultation.

One of the provisions is the 300 per cent penalty on the concealed income and assets on which the business houses want the government to bring softer provisions. Jaitley said that it will be tougher days for those who indulge in illegal and illicit transfer of money across the border. He said that the world is moving towards a transparent regime making it difficult to hide any illicit transfer of money through the Internet or other modes.
Another important bill is ‘the GST Constitution Amendment Bill’ that is likely to be taken up for consideration and passage by the House on May 5.

The most contentious is the ‘Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) Bill 2015’, on which the government appears to be in two minds to introduce it in Lok Sabha once again or send it back to the Standing Committee.

Bills before Parliament include The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, GST Constitution Amendment Bill, and land acquisition bill

According to sources, the black money bill was to be taken up in the Lok Sabha after the passage of the Finance Bill

Meanwhile, the GST bill is likely to be taken up for consideration and passage by the House on May 5

With regard to the land acquisition bill, the government appears to be confused

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