Emphasizing that government is committed to reforms, Finance Minister Arun Jaitley has said that the bankruptcy Bill is expected to be taken up in the upcoming Parliament session. He added that the bankruptcy Bill is in the final stages and is before the Parliamentary Committee and is hopeful that in the coming session, it should come up for positive consideration. Jaitley said the country needs investments, and efforts are being made to ease the business environment so that people feel attracted to do business in this country.
Last year in December the government had introduced Insolvency and Bankruptcy Code, 2015 in Parliament that will make it easier for sick companies to either wind up their businesses or engineer a turnaround. The Insolvency and Bankruptcy Code, 2015, will replace the existing bankruptcy laws to make it easy for investors to exit within a fixed time frame, in an effort to improve the ease of doing business in India.
As far as Goods and Services Tax (GST) is concerned, Jaitley said things appear to be in the final round. He said the government wants to reform the country’s taxation system with respect to direct and indirect taxes and added that ‘the government will look to bring down the direct taxes to the global levels and on indirect taxes.’