Along with the revisions in the insurance laws and Insolvency and Bankruptcy Code the key economic bills would be ready and might be tabled in the forthcoming Monsoon Session of Parliament that begins from July 20.
Such would not be the portion of the list of 21 bills tentatively listed for the introduction, acknowledgement, and passing in the Monsoon Session from July 20 to August 11, the sources show that the decision on their introduction shall have opted in the subsequent days.
Since the taxable actionable claims shall get started in the monsoon session of parliament hence the revision to the GST act so as to add online gaming and horse racing in Schedule III. It complies with the GST council’s decision to charge a 28% tax rate on such activities at the full face value.
The anticipation is also being held within the finance ministry to table the bill to revise the insurance act 1938 and the Insurance Regulatory and Development Authority of India, 1999, in the Monsoon Session.
According to an official source, the long-overdue insurance legislation revisions are currently a key priority since they will help the industry grow even more. Although the Bills’ preparation work was finished before to the Parliament’s Budget session, the administration had to choose when to introduce them.
By introducing these Bills now, would be able to give them enough time to be reviewed by the Standing Committee on Finance and, ideally, passed during the Winter Session.
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In November of last year, the finance ministry issued a request for feedback on proposed changes to the Insurance Act of 1938 and the Insurance Regulatory and Development Authority Act of 1999. A composite license and a decrease in the initial capital need of Rs 100 crore are two significant improvements envisioned in the Bills.
The proposed changes to the Insolvency and Bankruptcy Code, which include expanding the pre-pack program to include small and medium-sized businesses as well as the real estate industry, may also be adopted. The Ministry of Corporate Affairs requested public feedback on the modifications in January, and the drafted Bill is almost finalized.
The timeframe of the revisions to the Companies Act, according to sources, has not yet been determined. A decision on its introduction will be made soon. One of the revisions attempts to restructure the regulatory framework for statutory auditors.
The Jan Vishwas (Amendment of Provisions) Bill and the Multi-State Cooperative Societies (Amendment) Bill are among the important bills nominated for acknowledgement and passage during the 17-day session, according to the Lok Sabha bulletin.
