Finance Bill, 2022 passed in Lok Sabha

The Lok Sabha on March 25 passed the Finance Bill 2022, which gives effect to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal.

The Finance Bill was approved by the Lower House after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and rejecting the amendments proposed by the opposition by voice vote.

Replying to a discussion on the Finance Bill, Sitharaman said India was probably the only country that did not resort to new taxes to fund the recovery of the economy hit by the COVID pandemic.

She said that according to an OECD report, as many as 32 countries have increased the tax rates after the pandemic.

“Instead, we put more money where multiplier effect would be maximum,” she said while referring to the Budget’s focus on raising capital expenditure.