Parliament today passed Appropriation and Finance Bills with Rajya Sabha returning them to the Lok Sabha after a four-hour debate. <br/><br/>Replying to the debate on Appropriation and Finance Bills , Finance Minister Arun Jaitley asked the Congress to reconsider the decision on Goods and Services Tax.<br/><br/>Conceding that the GST was originally initiated by the Congress, Mr. Jaitley said he will again be discussing the issue with leaders of the main opposition party.<br/><br/>Responding to Congress demand for a cap of 18 per cent tax in GST, the Finance Minister said it cannot be made the upper limit in the Constitution.<br/><br/>He argued that in case of drought in the future, the Constitution cannot be changed again and again. On Congress demand that dispute between centre and states on GST should be settled by a committee of Judges of the Supreme Court. Mr. Jaitley said this is a political issue and should not be surrendered to the judiciary.<br/><br/>Parliament also passed the crucial Insolvency and Bankruptcy Code, 2016, after the Rajya Sabha passed it by a voice vote and returned it to the Lok Sabha. <br/><br/>The law ensures time-bound settlement of insolvency, enabling faster turnaround of sinking businesses and nailing defaulters, a critical step in resolving India's mounting bad debts under which banks are groaning. The Bill was passed by the Lok Sabha on May 6.