Legislative Business transacted during 12th Session of 16th Lok Sabha and 243rd Session of Rajya Sabha (Monsoon Session, 2017)
I – BILLS INTRODUCED IN LOK SABHA
1.The Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill, 2017
2. The Banking Regulation (Amendment) Bill, 2017
3.The State Banks (Repeal and Amendment) Bill, 2017
4. The Indian Institute of Petroleum and Energy (IIPE) Bill, 2017;
5. The Requisitioning and Acquisition of Immovable Property Amendment Bill, 2017
6.The Central Road Fund (Amendment) Bill, 2017
7.The Punjab Municipal Corporation Law (Extension to Chandigarh) Amendment Bill, 2017
8.The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017.
9.The Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017
10.The Public Premises (Eviction of Unauthorised Occupants) Amendment Bill, 2017
11.The Appropriation (No.3) Bill, 2017
12.The Appropriation (No.4) Bill, 2017
13.The National Sports University Bill, 2017
14.The Code on Wages, 2017
15.The Financial Resolution and Deposit Insurance Bill, 2017
16.The Right of Children to Free and Compulsory Education (Second Amendment) Bill, 2017
17.The Repealing and Amending (Second) Bill, 2017
I – BILLS INTRODUCED IN LOK SABHA
1.The Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill, 2017
2. The Banking Regulation (Amendment) Bill, 2017
3.The State Banks (Repeal and Amendment) Bill, 2017
4. The Indian Institute of Petroleum and Energy (IIPE) Bill, 2017;
5. The Requisitioning and Acquisition of Immovable Property Amendment Bill, 2017
6.The Central Road Fund (Amendment) Bill, 2017
7.The Punjab Municipal Corporation Law (Extension to Chandigarh) Amendment Bill, 2017
8.The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017.
9.The Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017
10.The Public Premises (Eviction of Unauthorised Occupants) Amendment Bill, 2017
11.The Appropriation (No.3) Bill, 2017
12.The Appropriation (No.4) Bill, 2017
13.The National Sports University Bill, 2017
14.The Code on Wages, 2017
15.The Financial Resolution and Deposit Insurance Bill, 2017
16.The Right of Children to Free and Compulsory Education (Second Amendment) Bill, 2017
17.The Repealing and Amending (Second) Bill, 2017
II – BILLS PASSED BY LOK SABHA
1.The Indian Institutes of Information Technology (Amendment) Bill, 2017;
2.The Right of Children Free and Compulsory Education (Amendment) Bill, 2017
3.The Indian Institutes of Information Technology (Public-Private Partnership) Bill, 2017
4.The Companies (Amendment) Bill, 2016
5.The Indian Institute of Management Bill, 2017
6.The Appropriation (No.3) Bill, 2017
7.The Appropriation (No.4) Bill, 2017
8.The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017;
9.The Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017
10.The Banking Regulation (Amendment) Bill, 2017
11.The Punjab Municipal Corporation Law (Extension to Chandigarh) Amendment Bill, 2017
12.The National Bank for Agriculture and Rural Development (Amendment) Bill, 2017
13.The Indian Institute of Petroleum and Energy (IIPE) Bill, 2017
14.The State Banks (Repeal and Amendment) Bill, 2017
III – BILLS PASSED BY RAJYA SABHA
1.The Footwear Design and Development Institute Bill, 2017
2.The Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2017
3.The Collection of Statistics (Amendment) Bill, 2017
4.The National Institutes of Technology, Science Education and Research (Amendment) Bill, 2017
5.The Indian Institutes of Information Technology (Public-Private Partnership) Bill, 2017
6.The Constitution (One Hundred and Twenty Third Amendment) Bill, 2017 as amended
7. The Right of Children Free and Compulsory Education (Amendment) Bill, 2017
8.The Indian Institutes of Information Technology (Amendment) Bill, 2017
9.The Banking Regulation (Amendment) Bill, 2017
IV – BILLS PASSED BY BOTH HOUSES OF PARLIAMENT
1. The Footwear Design and Development Institute Bill, 2017
2. The Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2017
3.The Collection of Statistics (Amendment) Bill, 2017
4. The National Institutes of Technology, Science Education and Research (Amendment) Bill, 2017
5. The Indian Institutes of Information Technology (Public-Private Partnership) Bill, 2017
6. The Right of Children Free and Compulsory Education (Amendment) Bill, 2017
7. The Indian Institutes of Information Technology (Amendment) Bill, 2017
8. The Banking Regulation (Amendment) Bill, 2017
9. The Appropriation (No.3) Bill, 2017
10. The Appropriation (No.4) Bill, 2017
11. The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017;
12. The Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017
1.The Indian Institutes of Information Technology (Amendment) Bill, 2017;
2.The Right of Children Free and Compulsory Education (Amendment) Bill, 2017
3.The Indian Institutes of Information Technology (Public-Private Partnership) Bill, 2017
4.The Companies (Amendment) Bill, 2016
5.The Indian Institute of Management Bill, 2017
6.The Appropriation (No.3) Bill, 2017
7.The Appropriation (No.4) Bill, 2017
8.The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017;
9.The Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017
10.The Banking Regulation (Amendment) Bill, 2017
11.The Punjab Municipal Corporation Law (Extension to Chandigarh) Amendment Bill, 2017
12.The National Bank for Agriculture and Rural Development (Amendment) Bill, 2017
13.The Indian Institute of Petroleum and Energy (IIPE) Bill, 2017
14.The State Banks (Repeal and Amendment) Bill, 2017
III – BILLS PASSED BY RAJYA SABHA
1.The Footwear Design and Development Institute Bill, 2017
2.The Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2017
3.The Collection of Statistics (Amendment) Bill, 2017
4.The National Institutes of Technology, Science Education and Research (Amendment) Bill, 2017
5.The Indian Institutes of Information Technology (Public-Private Partnership) Bill, 2017
6.The Constitution (One Hundred and Twenty Third Amendment) Bill, 2017 as amended
7. The Right of Children Free and Compulsory Education (Amendment) Bill, 2017
8.The Indian Institutes of Information Technology (Amendment) Bill, 2017
9.The Banking Regulation (Amendment) Bill, 2017
IV – BILLS PASSED BY BOTH HOUSES OF PARLIAMENT
1. The Footwear Design and Development Institute Bill, 2017
2. The Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2017
3.The Collection of Statistics (Amendment) Bill, 2017
4. The National Institutes of Technology, Science Education and Research (Amendment) Bill, 2017
5. The Indian Institutes of Information Technology (Public-Private Partnership) Bill, 2017
6. The Right of Children Free and Compulsory Education (Amendment) Bill, 2017
7. The Indian Institutes of Information Technology (Amendment) Bill, 2017
8. The Banking Regulation (Amendment) Bill, 2017
9. The Appropriation (No.3) Bill, 2017
10. The Appropriation (No.4) Bill, 2017
11. The Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017;
12. The Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017
Constitution of India: https://www.youtube.com/playlist?list=PLauvYEDRPYUmzL7JiDpcklRoP1Sij3p_G
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No discussion, LS passes Financial Bill
@UPSC_18
The Lok Sabha passed the Finance Bill, 2018, with 21 amendments, some of which had to do with the controversial long-term capital gains tax on equity announced in the Budget speech by Finance Minister ArunJaitley and tax exemptions for start-ups.
The Bill was passed without discussion amid ruckus, following which both Houses of Parliament were adjourned for the day.
Regarding the long-term capital gains (LTCG) tax, one of the major amendments made was that the grandfathering of gains till January 31, 2018 will now be incorporated in the computation of the gains itself, rather than for the purposes of computing tax at the rate of 10%.
“This resolves the ambiguity contained in the language of the Finance Bill, 2018, on the need for a duplicated computation, viz. first for computing LTCG without grandfathering and then for applying 10% tax rate with grandfathering,” Rajiv Chugh, Tax Partner at EY India, said in a note.
The amended Finance Bill, 2018 clears the air on several ambiguities and anomalies on the new LTCG regime.
Cost base for depreciation allowance on stock in trade converted into capital asset, valuation of securities held as inventory by scheduled banks and public financial institutions.
Due date for CbCR (country by country reporting) compliance by Indian constituent entity of non-resident parent entity and turnover cap for eligible start-ups.”
However, tax experts say that ambiguities on other proposals continue to exist, such as the deemed dividend taxation of accumulated profits of an amalgamating company.
Potential extension of SEP to physical transactions, applicability of prosecution for non-filing of returns of income to foreign companies whose incomes are fully covered by withholding tax, and restrictive relief from minimum alternate tax (MAT) for non-resident companies under presumptive basis of taxation.
The amended Finance Act also made changes to the rules regarding how start-ups can avail of tax deductions on profits.
Previously, start-ups were allowed 100% deduction of profits for any three out of seven years from the year of incorporation.
To avail of this incentive, the start-ups were required to comply with a condition that stipulated that their turnover could not exceed Rs. 25 crore in those seven years.
Very good value for Darjeeling Brand: Mamta
West Bengal Chief Minister Mamata Banerjee said that the ‘Darjeeling brand’ has very good value and the ongoing Darjeeling Business Summit has garnered Rs. 1,500 crore investment proposals.
“The Darjeeling brand has very good value and needs to be nurtured for proper utilisation to attract more tourists and investments. We are happy to receive Rs. 1,500 crore investment proposals at the first Darjeeling Business Summit,” Ms. Banerjee said
The Confederation of Indian Industry, which partnered the State government and the Gorkha Territorial Administration in organising the business summit, has already prepared an action plan for development in the hills, she said, adding that the final plan will be submitted later.
WWW.YOUTUBE.COM/KARPATHUIAS
The Chief Minister also welcomed Sikkim businessmen who are interested in investing in Darjeeling. “You too take part in this initiative to boost development in Darjeeling,” she said.
On the unrest in the hills, Ms. Banerjee said, “Whenever Darjeeling makes progress some dirty games begin in its neighbouring areas. Don’t allow this to happen.”
Darjeeling had experienced turmoil last year with the GorkhaJanmuktiMorcha sponsoring a 104-day-long strike to push for a separate Gorkhaland State. The strike ended in September and hit hard its tea industry.
@UPSC_18
The Lok Sabha passed the Finance Bill, 2018, with 21 amendments, some of which had to do with the controversial long-term capital gains tax on equity announced in the Budget speech by Finance Minister ArunJaitley and tax exemptions for start-ups.
The Bill was passed without discussion amid ruckus, following which both Houses of Parliament were adjourned for the day.
Regarding the long-term capital gains (LTCG) tax, one of the major amendments made was that the grandfathering of gains till January 31, 2018 will now be incorporated in the computation of the gains itself, rather than for the purposes of computing tax at the rate of 10%.
“This resolves the ambiguity contained in the language of the Finance Bill, 2018, on the need for a duplicated computation, viz. first for computing LTCG without grandfathering and then for applying 10% tax rate with grandfathering,” Rajiv Chugh, Tax Partner at EY India, said in a note.
The amended Finance Bill, 2018 clears the air on several ambiguities and anomalies on the new LTCG regime.
Cost base for depreciation allowance on stock in trade converted into capital asset, valuation of securities held as inventory by scheduled banks and public financial institutions.
Due date for CbCR (country by country reporting) compliance by Indian constituent entity of non-resident parent entity and turnover cap for eligible start-ups.”
However, tax experts say that ambiguities on other proposals continue to exist, such as the deemed dividend taxation of accumulated profits of an amalgamating company.
Potential extension of SEP to physical transactions, applicability of prosecution for non-filing of returns of income to foreign companies whose incomes are fully covered by withholding tax, and restrictive relief from minimum alternate tax (MAT) for non-resident companies under presumptive basis of taxation.
The amended Finance Act also made changes to the rules regarding how start-ups can avail of tax deductions on profits.
Previously, start-ups were allowed 100% deduction of profits for any three out of seven years from the year of incorporation.
To avail of this incentive, the start-ups were required to comply with a condition that stipulated that their turnover could not exceed Rs. 25 crore in those seven years.
Very good value for Darjeeling Brand: Mamta
West Bengal Chief Minister Mamata Banerjee said that the ‘Darjeeling brand’ has very good value and the ongoing Darjeeling Business Summit has garnered Rs. 1,500 crore investment proposals.
“The Darjeeling brand has very good value and needs to be nurtured for proper utilisation to attract more tourists and investments. We are happy to receive Rs. 1,500 crore investment proposals at the first Darjeeling Business Summit,” Ms. Banerjee said
The Confederation of Indian Industry, which partnered the State government and the Gorkha Territorial Administration in organising the business summit, has already prepared an action plan for development in the hills, she said, adding that the final plan will be submitted later.
WWW.YOUTUBE.COM/KARPATHUIAS
The Chief Minister also welcomed Sikkim businessmen who are interested in investing in Darjeeling. “You too take part in this initiative to boost development in Darjeeling,” she said.
On the unrest in the hills, Ms. Banerjee said, “Whenever Darjeeling makes progress some dirty games begin in its neighbouring areas. Don’t allow this to happen.”
Darjeeling had experienced turmoil last year with the GorkhaJanmuktiMorcha sponsoring a 104-day-long strike to push for a separate Gorkhaland State. The strike ended in September and hit hard its tea industry.
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RIMES
💎The RIMES is an intergovernmental body registered under United Nations. It is owned and managed by 45 collaborating countries in Asia Pacific and Africa Region.
💎India is chairman of the body. It was established in 2009 and was registered with UN in July 2009. It operates from its regional early warning centre located at campus of Asian Institute of Technology in Pathumthani, Thailand.
💎It has evolved from efforts of countries in Africa and Asia in aftermath of 2004 Indian Ocean tsunami.
💎Mandate: It seeks to establish regional early warning system within multi-hazard framework for generation and communication of early warning information and capacity building for preparedness and response to trans-boundary hazards.
💎It provides information related to Tsunami and extreme weather conditions. It also acts as a test bed for emerging technologies and help to enhance performance.
💎The RIMES is an intergovernmental body registered under United Nations. It is owned and managed by 45 collaborating countries in Asia Pacific and Africa Region.
💎India is chairman of the body. It was established in 2009 and was registered with UN in July 2009. It operates from its regional early warning centre located at campus of Asian Institute of Technology in Pathumthani, Thailand.
💎It has evolved from efforts of countries in Africa and Asia in aftermath of 2004 Indian Ocean tsunami.
💎Mandate: It seeks to establish regional early warning system within multi-hazard framework for generation and communication of early warning information and capacity building for preparedness and response to trans-boundary hazards.
💎It provides information related to Tsunami and extreme weather conditions. It also acts as a test bed for emerging technologies and help to enhance performance.