Finance Bill 2021 passed by Lok Sabha

Lok Sabha has passed Finance Bill 2021. This bill gives effect to proposals of the central government for the Financial year 2021-22.

The Finance Minister Mrs. Nirmala Sitaraman, replied to the debate on changes introduced in the Finance Bill 2021.

Finance Bill 2021 proposed to make changes in Income Tax Act 1961, Life Insurance Corporation Act, 1956, the Securities Contracts (Regulation) Act, 1956, the Central Sales Tax Act, 1956, the SEBI Act, 1992; etc.

As per the FM, the changes have been done for ease of doing business.

Besides that, the government wants to rationalize custom structures and give tax exemptions to nationalized banks.

For GST Related issues, she added “GST-related matters are not Ministry of Finance matters. They are the GST council matters in which all states’ Finance Ministers are members. Without the council’s clearance, no step is taken”