Lok Sabha passes Finance Bill

Last Updated: Feb 08, 2024

NPIC 2024286470

Lok Sabha has passed the Finance Bill, 2024  by voice vote. The Bill seeks to continue the existing rates of income tax for the financial year 2024-2025 and to provide for certain relief to taxpayers and to make amendments in certain enactments. The Bill had been moved by Finance Minister Nirmala Sitharaman. Replying to the debate on the discussion, Minister of State for Finance Pankaj Chaudhary said that no change in the existing income tax rates has been proposed.

Earlier, initiating the discussion, Manish Tewari of Congress said that in the last ten years the the country’s economy grew by one and half times but the debt increased by 3 times which needs to be considered seriously. He also raised the issue of unemployment. Subhash Chandra Baheria of BJP raised the issue of delay in the registration of offices of E-marketing and urged the government to make improvements in GST system. Malook Nagar of BSP welcomed the government’s initiative of waiving off outstanding direct tax demand of upto 25 thousand rupees for disputes for the period 2009-10 and waiving off  10 thousand rupees for disputes linked to financial year 2010-11 to 2014-15.  He said, this initiative is in the interest of the people of the country as one crore such people will be benefited from this. Adhir Ranjan Chowdhury of Congress C N Annadurai of DMK, Ram Kripal Yadav of BJP, Bhartruhari Mahtab of BJD, Sangeeta Azad of BSP, P Ravindranath of AIADMK and Kaushlendra Kumar of JD(U) were among those who participated in the discussion. 

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