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| Bills on GST, Direct Tax Code likely in winter session |
| Press Trust of India / New Delhi Nov 05, 2009, 20:49 IST |
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Crucial economic Bills for launching the Goods and Services Tax (GST) and the Direct Taxes Code are likely to be tabled in the Winter session of Parliament, which begins on November 19.
Another key Bill to amend the Banking Regulation Act, besides a handful of Bills relating to banking and pension, is also likely in the Winter session.
A Bill amending the Constitution will be presented for launching GST. It will empower the Centre to tax goods beyond the stage of manufacturing. At present, the power to tax is entrusted with states. The Bill will also empower states to tax services.
Sources said a separate Bill would be presented to replace the archaic Income Tax Act with the Direct Taxes Code.
The Bill to amend the Banking Regulation Act seeks increasing voting powers for foreign entities, which have stake in private sector banks, from existing 10 per cent.
Other Bills which likely to come up in Winter Session, include a legislation to amend Banking Regulations Act to arm the Reserve Bank with powers to dismiss erring boards of banks.
A legislation to amend Sebi Act to revise upper age limit of members of appellate tribunal SAT, pension reforms bill, a bill to empower RBI to inspect associate entities of banks, are also expected
Thirteenth action taken report on Ketan Parekh Scam is also likely to be introduced in Parliament in the forthcoming session.
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