Lok Sabha passes Finance Bill 2015 by a voice vote.
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He also announced that schemes such as Pradhan Mantri Jan Dhan Yojana and Atal Pension Yojana will not attract any service tax. Basic custom duty was hiked to protect the interest of rubber growers in the country. The Minister announced slashing customs duty on raw silk yarn. On the economic situation, Mr Jaitley said, the economy is expected to grow at eight per cent and if states can compete with each other then the overall growth rate may go up. He said, where economies of countries like Japan, Brazil, South Africa and Russia are facing challenges, India is being seen as a bright spot and countries are competing for investment.
Replying to opposition's charge that the Centre has reduced states' share in the central pool of taxes, the Minister said, no state will get less than what it used to get under 13th Finance Commission. He said, state share has gone up from 32 to 42 per cent after 14th the acceptance of the 14th Finance Commission. He asked the opposition whether they are willing to back to recommendation of 13th Finance Commission.
Taking on the opposition for obstructing passage of Land Acquisition Bill, the Minister charged it with doing disservice to the people in rural areas. He said, the new bill will be instrumental in solving the problem of poverty in rural parts of the country. In an apparent reference to the earlier remarks of Congress Vice President Rahul Gandhi that NDA government is a - Suit Boot Ki Sarkar, Mr Jaitley countered it and said it is a 'Soojh-Boojh Ki Sarkar' .
The Finance Minister said, 60 per cent of country’s population is dependent on agriculture whereas their contribution to GDP is 15 per cent. He said there is a need to bring down the dependence on agriculture by providing alternative employment. He asked the opposition to put an end to politics of obstructionism and help in country’s development. On farmers who are affected by unseasonal rain, the Finance Minister said, Prime Minister Narendra Modi has reduced the eligibility criteria of compensation related to crop damage from 50 to 33 per cent. Mr Jaitley said, this is just one step and government will take more steps in future to safeguard the interest of farmers.
Arun Jaitley said, the government is trying to increase the expenditure on infrastructure like rail, roads and industrial corridors. Mr Jaitley said, the facilities will provide employment opportunities to the population living in rural areas and enhance the living standards. Leader of the Congress in the House Mallikarjun Kharge refuted government's accusations that the opposition is opposed to the land bill. Mr Kharge asked Mr Jaitley not to spread false propaganda in this regard and urged to bring back 2013 land law which was passed by Parliament unanimously.
Finance Minister Arun Jaitley also provided some relief to the foreign investors. He said that capital gains made by them will be exempted from Minimum Alternate Tax (MAT), but did not provide relief for past liabilities. The Minister said all capital gains from sale of securities as well as royalties, interest, technical services fee earned by foreign companies will be exempt from MAT, if the normal tax rate on such income is lower than 18.5 percent. The rules for the application of MAT for real estate investment trusts were also eased. (Finance Bill 2015)
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