FM Nirmala Sitharaman will Introdude Finance Bill Today in Lok Sabha

Today, on March 24, Finance Minister Nirmala Sitharaman will bring the Finance Bill, 2022 in the Lok Sabha, which proposes two significant changes to direct taxes as part of a rate rationalisation scheme for associations of persons and profits earned by corporations.

The proposed law proposes to criminalise the release of transaction-level information provided by commercial entities to the customs department, as such data could be utilised to the detriment of Indian firms by international entities and hostile countries.

Sitharaman will also respond to debates on the Appropriation Bill 2022 and the Finance Bill 2022.

The Appropriation Bill proposes to authorise the payment and appropriation of specific funds from and out of the Consolidated Fund of India for financial year 2022-23 services. The Finance Bill implements the central government’s financial intentions for financial year 2022-23.

After the Lok Sabha passes a money bill, it is referred to the upper House for recommendations. It must be delivered to Lok Sabha within 14 days, and the lower House has the option of accepting or rejecting Rajya Sabha’s recommendations.

The Lok Sabha will also debate and vote on grant requests for the ministries of commerce and industry, ports, shipping, and waterways, and fisheries, animal husbandry, and dairying for financial year 2022-23.

Also, Union Minister Arjun Munda will introduce a Bill in Rajya Sabha to remove the Bhogta community from Jharkhand’s Scheduled Castes list and to add specific communities to the state’s Scheduled Tribes list.

The Bharatiya Janata Party (BJP) has requested that all of its Lok Sabha members be present today.