Crucial Bills And Amendments for IAS Prelims 2017: GST Bill, Bill to Amend SARFAESI and DRT Act

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Crucial Bills And Amendments for IAS Prelims 2017: GST Bill, Bill to Amend SARFAESI and DRT Act

Crucial Bills And Amendments for IAS Prelims 2017: The Union Public Service Commission (UPSC) will conduct the civil services (CS) preliminary examination on June 18 this year. It is one of the most esteemed and toughest exams in the country. With a success rate of 0.1- 0.3 percent of the total percentage of candidates who apply, it is really difficult to nail the examination.

Crucial Bills And Amendments for IAS Prelims 2017: Motor Vehicles (Amendment) Bill, Whistleblowers Amendment Bill

This article covers some of the most important Bills and Amendments which will help you for your upcoming IAS Prelims Preparation.

 

Crucial Bills And Amendments for IAS Prelims 2017: GST Bill, Bill to Amend SARFAESI and DRT Act

Today we will discuss the next two bills. Below mentioned is the explanation of the the next two topics i.e GST Bill, Bill to Amend SARFAESI and DRT Act.

GST Bill

A 21-member select committee was formed to look into the proposed GST law. Section 9 is the charging section for CGST (Central Goods and Services TaxAct, 2017), which gives power to central government to levy tax on intra state taxable supply.

About GST Bill

  • The Central Goods and Services Tax Bill, 2017 was introduced in Lok Sabha on March 27, 2017.  The Bill provides for the levy of the Central Goods and Services Tax (CGST).
  • The Delhi Assembly on 31st May 2017 passed the state Goods and Services Tax (GST) Bill even as Chief Minister Arvind Kejriwal pitched for capping the tax rate at a maximum of 10 per cent.
  • The GST Council has approved four-tier tax slabs of 5, 12, 18 and 28 per cent plus an additional cess on demerit goods like luxury cars, aerated drinks and tobacco products. The resolution, moved by AAP MLA Vishesh Ravi, stated that this House is in support of GST in principle but this House opposes the way in which tax rates of 18 & 28 percent in GST Council meetings.

Salient Features

  • GST will be a destination-based tax. This implies that all SGST collected will ordinarily accrue to the State where the consumer of the goods or services sold resides.
  • The Central GST and the State GST would be applicable to all transactions of goods and services made for a consideration except the exempted goods and services, goods which are outside the purview of GST.
  • The CGST and SGST are to be paid  to the accounts of the central and states respectively.
  • The GST will be levied on import of goods and services into the country.
  • A taxpayer or exporter would have to maintain separate details in books of account for availment,  utilization or refund of Input Tax Credit of CGST, SGST and IGST.

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Bill to Amend SARFAESI and DRT Act

The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016” was introduced in Lok Sabha on May 11, 2016.  The object and reasons of the ‘Bill’  said that it will facilitate expeditious disposal of recovery applications under the SARFAESI act 2002.

Objectives

The amendments are aimed at faster recovery and resolution of bad debts by banks and financial institutions and making it easier for asset reconstruction companies (ARCs) to function. Along with the new bankruptcy law which came into effect earlier this year, the amendments will put in place an enabling infrastructure to effectively deal with non-performing assets in the Indian banking system.

Salient Features of SARFAESI

  • It allows banks to take control of collateral security within 30days.
  • RBI will be allowed to levy penalties for non-compliance with its directives & control the fees charged by these companies to banks at the time of acquiring such assets.
  • Expansion of regulatory powers of RBI over Asset Reconstruction Companies (ARC).
  • RBI will get more controls to audit & review any ARC as well as the freedom to remove the chairman or any director & appoint central bank official to its board.
  • The bill recommends to broaden the scope of the registry that will house the central database of all loans against properties given by all lenders.
  • The Bill provides that stamp duty will not be charged on transactions undertaken for transfer of financial assets in favour of asset reconstruction companies. Financial assets include loans and collaterals.
  • Bill provides that secured creditors will not be able to take control over the collateral unless it is registered with the central registry. Further, these creditors, after registration of security interest, will have importance over others in repayment of dues.
  • Enable secured creditors to take over a company and restore its business on acquisition of controlling interest in the borrower company.

Salient Features of DRT

  • To move towards online DRTs- electronic filing of recovery applications, documents and written statements.
  • Establishing a time bound process
  • Taking account of interest of creditors- 50% of the debt has to be deposited with DRT for filing an appeal.
  • The bill also suggests to amend the Indian Stamp Act so that stamp duty will not be charged on the transfer of financial assets in favour of ARCs.
  • The Bill Provides certain procedures under the Act will be undertaken in electronic form. These include presentation of claims by parties and summons issued by tribunals.
  • By fast-tracking the recovery procedure for banks and other financial institutions.
  • Widens the space of the central registry that will house the central database of all loans against properties given by all lenders.

 

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Over here we conclude our article on Crucial Bills And Amendments for IAS Prelims 2017. Stay tuned with us for the rest of the topic that we will discuss day by day. 

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