Lok Sabha Passes ‘ The Finance Bill 2022’

The Lok Sabha Passes ‘ The Finance Bill 2022’

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Lok Sabha Passes ‘ The Finance Bill 2022’”

The Lok Sabha has given its approval to the Finance Bill on Friday(25 March) which give results to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal. The Finance Bill has been approved by the Lower House after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and denying the amendments proposed by the opposition by voice vote.

At the time of presenting the Finance Bill, Sitharaman informed that India was probably the only country that did not renew to new taxes to fund the recovery of the economy hit by the COVID pandemic.

The Budget 2022-23 boost capital expenditure by 35.4 per cent to Rs 7.5 lakh crore to continue the public investment-led recovery of the pandemic battered economy.

It can be observed that the Modi government believes in lowering taxes. Nirmala Sitharaman said the depletion in corporate tax has “helped the economy, government and companies, and government is expecting the progress”. Rs 7.3 lakh crore has been gathered as corporate tax so far this fiscal.

The number of taxpayer grew to 9.1 crore from 5 crore a few years back,  by adding the government is taking action to widen the tax base and the faceless assessment has been done well by people.

As IFSC in Gujarat is doing straight progress, number of global funds and insurance companies are setting up offices in the International Financial Services Centre at Gujarat International Finance Tec-City (GIFT).

 

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