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25
October 2016
The government expects the entire
Insolvency and Bankruptcy Law to become operational by end-December, Economic
Affairs Secretary Shaktikanta Das said here on Tuesday. The Total Investment
& Insurance Solutions
"We have a definite roadmap to
implement the Bankruptcy Law, the Ministry of Corporate Affairs is working on
it, the Law Ministry, the Legislative Department have played a very significant
role in finalising the legislation and they will continue to have a very
significant role in also finalising the regulations," he said, at an event
organised by Assocham.
Talking about how a clear roadmap
has been drawn up, he added that the Ministry of Corporate Affairs has already
published certain draft regulations and has invited comments, other regulations
and rules are under preparation and they will be put in the public domain for
consultation.
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"Now it is the responsibility
of both government and industry bodies and every category of professionals to
develop information utilities, to develop insolvency professionals and take the
implementation of this law forward and see that it is fully implemented and the
economy and country are able to get its full benefits," said Das. The Total Investment
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Regarding the Centre's plan to
implement Goods and Services Tax (GST) from April 1, 2017, he said:
"Administratively and whatever preparedness is required, all that is in
place and the government is absolutely determined to introduce it (GST) from
April 1, 2017, the state governments are also equally committed to introducing
it from that date."
"The GST will happen,
Bankruptcy Law has happened and both these pieces of legislation together with
amendments to the Arbitration Law, SARFESAI, DRT related laws and the Company
Law, these have the potential of creating a very vibrant and dynamic economy in
India," he added. The Total Investment & Insurance Solutions
"Our expectation is that the Bankruptcy
Law together with the GST will really bring a lot of dynamism and efficiency to
the Indian economy," Das added.
On the issues pertaining to GST rate
structure on which there is a lot of discussion going on at the moment, within
the GST Council and also in the public domain, Das said, "We hope and we
are quite confident that they will get resolved in the next meeting of GST
Council in the 1st week of November. I think in may be one or two more
sittings, it should come to a conclusion."The Total Investment
& Insurance Solutions
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