Lok Sabha passes Finance Bill 2022, completes the budgetary exercise for FY 2023
The members of the Lok Sabha in Parliament passed “The Finance Bill, 2022 on Friday” The Lower House of Parliament has now completed the Budgetary exercise for 2022-23.
The government has proposed 39 bill amendments. The Finance Bill was passed by the Lower House after accepting 39 official amendments proposed by Finance Minister Nirmala Sitharaman and rejecting the opposition’s amendments by voice vote.
In response to a question about the Finance Bill, Sitharaman stated that India was likely the only country that did not impose new taxes to fund the recovery of the economy hit by the COVID pandemic.
According to an OECD report, as many as 32 countries raised tax rates in the aftermath of the pandemic.
“Instead, we put more money where the multiplier effect would be greatest,” she explained, referring to the Budget’s emphasis on increasing capital expenditure.