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Bills on GST, direct tax code
November, 09th 2009

Several important economic Bills that will pave way for introduction of Goods and Services Tax, Direct Taxes Code and empower the Reserve Bank to supercede erring boards of private sector banks are likely to be tabled in the winter session of the Parliament.

Other bills likely to come up in the Winter Session, beginning November 19, include a legislation for increasing voting powers of foreign entities who have stake in private sector banks from ten per cent, official sources said.

A legislation to amend the SEBI Act to revise upper age limit of the members of appellate tribunal SAT, pension reforms bill, a bill to empower RBI to inspect associate entities of banks, are also expected, they said. Thirteenth action taken report on Ketan Parekh scam is also likely to be introduced in Parliament in the forthcoming session, the sources added.

With just over four months left for the scheduled date of implementation of GST, a bill amending the Constitution may be presented to launch the new indirect tax system that will create a uniform market for goods and services. It will empower the Centre to tax goods beyond manufacturing stage.

At present, the power to tax is entrusted with states. The bill will also empower states to tax services.

The sources said a separate bill would also be presented to replace the archaic Income Tax Act with the Direct Taxes Code. DTC is likely to be implemented from 2011-12.

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