16 Dec 2014

Reform agenda set back

In a temporary setback for the government’s reform agenda, the states’ GST panel has rejected the latest draft of the enabling Constitutional Amendment Bill. The contentious issues are to do with taxation of petroleum products, inter-state entry tax and the process for compensating states for lost revenues. The government remains confident of passing the legislation nonetheless. A Rajya Sabha committee passed the enabling legislation to reform FDI in the Insurance sector, raising the foreign holding limit to 49%. This will probably set off a trend of consolidation and reorganisation in the sector.

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