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Sunday, December 10, 2023

Lok Sabha completes FY23 budgetary exercise by approving Finance Bill 2022

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The Lok Sabha has passed the Finance Bill for this year. With this the Budgetary exercise for 2022-23 fiscal has been completed.

On March 25, the Lok Sabha enacted the Finance Bill 2022, which implements new levies, completing the Budgetary exercise for the fiscal year 2022-23. The Finance Bill was adopted by the Lower House after adopting 39 official modifications suggested by Finance Minister Nirmala Sitharaman and rejecting opposition amendments by voice vote.

Sitharaman stated that India was likely the only country that did not impose new taxes to fund the recovery of the economy affected by the COVID pandemic.

According to an OECD report, as many as 32 countries raised tax rates in the aftermath of the outbreak.

“Instead, we put more money where the multiplier effect would be greatest,” she explained, alluding to the Budget’s emphasis on increasing capital expenditure.

The Budget 2022-23 increased Capex by 35.4 percent to Rs 7.5 lakh crore in order to sustain the pandemic-ravaged economy’s public-investment-led recovery.

Noting that the Modi government believes in tax cuts, she stated that the drop in corporate tax has “aided the economy, government, and companies, and we are seeing development.”

She claimed that so far this fiscal year, corporation tax has been collected in the sum of Rs 7.3 lakh crore.

The number of taxpayers has expanded from 5 crore to 9.1 crore in a few years, she said, adding that the government is taking initiatives to broaden the tax base and that the faceless assessment has been warmly received by the public.

She stated the customs duty was imposed on umbrellas to boost domestic manufacture by MSMEs. She went on to say that the IFSC in Gujarat is progressing steadily, and that major global funds and insurance companies are establishing offices in the International Financial Services Centre at Gujarat International Finance Tec-City (GIFT).

Meanwhile, opposition MPs in the Lok Sabha made a forceful call on Friday to rein in growing petrol costs, accusing the administration of putting the people in a tough situation soon after the elections were finished.

In introducing the Finance Bill in the Lok Sabha, Congress member Gaurav Gogoi stated that the administration had maintained petrol, diesel, and cooking gas prices steady for a month before raising them three times after the elections.

“Fuel costs have risen for the third time in a row, and jingoism is the only remedy this administration has to offer the poor.

People are expected to have complete faith in the supreme leader, regardless of whether there is record unemployment, severe inequality, or inflation “Gogoi stated.

Satabdi Roy, a Trinamool member, stated that the poor of the country were unconcerned about the Finance Bill but wanted to know when the costs of petrol, diesel, and cooking gas would be reduced.

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