Lok Sabha passes Finance Bill; completes budgetary exercise for FY23

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Photo source: PTI

Union Finance Minister Nirmala Sitharaman is addressing the Lok Sabha during the second part of the budget session of Parliament in New Delhi.

Highlights

  • The Lok Sabha on Friday approved the Finance Bill, which would give effect to the new tax system
  • The money bill was approved by the Lok Sabha after adopting 39 official amendments removed by FM
  • “Corporate tax cuts have helped the economy, government and companies,” Sitharaman said.

The Lok Sabha on Friday approved the Finance Bill, which has effect on the new tax, thus completing the budget exercise for the fiscal year 2022-23. The bill was approved by the lower house after 39 government amendments were moved by Finance Minister Nirmala Sitharaman and the amendments proposed by the opposition were rejected by voice vote.

In response to the discussion on the Finance Bill, Sitharaman said that India was probably the only country which had not resorted to new taxes to recover the economy damaged by the Kovid epidemic. He said that according to an OECD report, 32 countries had raised their tax rates since the epidemic.

“Instead, we put more money where the multiplier effect will be greatest,” he said, referring to the budget’s focus on increasing capital spending.

The 2022-23 budget has increased Capex by 35.4 per cent to Rs 7.5 lakh crore to continue the recovery led by public investment in the epidemic-ridden economy.

Observing that the Modi government believes in tax cuts, he said that the corporate tax cuts have “helped the economy, the government and the institutions and we are seeing progress”. He said Tk 7.3 lakh crore has been collected as corporate tax so far in the current financial year. The number of taxpayers has increased from 5 crore to 9.1 crore a few years ago, he said, adding that the government is taking steps to expand the tax base and faceless assessment has been well received by the people.

Responding to members’ concerns about the imposition of tariffs on umbrellas, he said it was done by MSMEs to encourage domestic production. He added that IFSC is making steady progress in Gujarat, and a number of global funds and insurance companies are setting up offices at the International Financial Services Center at Gujarat International Finance Tech-City (GIFT).

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