Parliament passes Finance Bill 2019
PrintListen to this Article
The Lok Sabha has already passed the bills. The Finance bill gives effect to the financial proposals of the Central Government for the financial year 2019-20. While the Appropriation Bill seeks to authorise payment and appropriation of certain sums from and out of the Consolidated Fund of India for the services of the financial year 2919-20.
Replying to the debate on the bills in the Rajya Sabha, Finance Minister Nirmala Sitharaman said that the government brought changes related to the taxation with an aim for building new India where there is transparency, less government and more governance.
Ms Sitharaman justified raising cess on petrol and diesel by two rupees per litre each saying inflation is at rock bottom and the government has maintained inflation at the lowest level for last five years so the move would not add any significant burden on prices.
She said, the government has also come out in support of farmers with various measures including providing 6000 rupees to them annually under PM -KISAN. She said, the government has brought down the corporate tax from 30 per cent to 25 per cent as it had decided in 2014 and over ninety per cent of the companies have come under this tax rate.
She said, under direct taxation, there are seven acts to which amendments have been made in the Finance Bill which are largely for ease of living and making sure that equity in redistribution takes place.
On the issue of increase on the basic customs duty on newsprint, the Finance Minister said, it has been done to provide a level playing field to the domestic manufacturers and there is capacity in India to produce newsprint which needs to be utilized.
She said, the government has not reduced the financial assistance to States under central sponsored schemes despite the increase in devolution funds to states from 32 per cent to 42 per cent. On direct taxation code, the Minister said, the task force has completed its work and they will submit the reports by the end of this month.
Members from other political parties including BJP, BJD and TRS participated in the discussion. #casansaar (Source - NewsOnAir)
Category : Finance | Comments : 0 | Hits : 397
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission. The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time. The 16th Finance Commission’s recommendations, upon the acceptance by the government, would cover the period of five (5) years commencing April 1, 2026. Article 280(1) of the Constitutions lays down that the modalities for setting up of a Fin...
Finance Act, 2023 received the assent of the President on the 31st March, 2023. Finance Bill, 2023 receives President's assent on Mar 31, 2023 and now its Finance Act, 2023. The Finance Act, 2023 has been enacted vide Gazette Notification dated today, March-31-2023. After obtaining the assent of the President of India, the Finance Bill, 2023 has been enacted as Finance Act, 2023.
The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business. In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to focus on technology and data analytics to push their lending. The ministry also urged the heads of the public sector lenders to strengthen IT security systems and cybersecurity to check fraud. &...
The Enforcement Directorate (ED) on Thursday said it has provisionally attached various immovable and movable properties worth Rs 2.14 crore of entry operators working for Shakti Bhog Foods Limited and their Chartered Accountants, in connection with a money laundering case pertaining to the bank loan fraud of Rs 3,269.42 crore. A senior ED official said that properties belonging to Devkinandan Garg, Ashok Kumar Goel, Mahesh Kumar, Devender Kumar and other entry operators a...
In a significant verdict, the Supreme Court Thursday ruled that the recommendations of Goods and Services Tax (GST) Council are not binding on the Union and the states and only have a persuasive value. The Supreme Court said that Parliament and state legislatures possess simultaneous power to legislate on GST and the recommendations of the council are the product of a collaborative dialogue involving the Union and states. It said that the GST Council...
Comments