Lok Sabha Passes Finance Bill 2023 Containing 64 Amendments

The Finance Bill 2023 is passed by the Lok Sabha on Friday with 64 official modifications, including one to remove long-term tax benefits for some types of debt mutual funds and another to establish the GST Appellate Tribunal.

The Finance Bill, which implements tax plans for the fiscal year beginning April 1, was passed without debate, despite opposition members demanding a JPC (Joint Parliamentary Committee) investigation into the claims against the Adani group of companies.

While introducing the bill for passage and consideration, Finance Minister Nirmala Sitharaman also announced the formation of a committee headed by the finance secretary to examine government employee pension issues.

She also stated that the Reserve Bank of India will review credit card payments for foreign tours that are tax-free at the point of sale.

Sitharman offered 64 official amendments to the Finance Bill, which was tabled in Parliament alongside the Budget proposals on February 1.

On Thursday, the budget was approved. Because of the protest, no debate could take place at the time.

The Bill now includes 20 additional sections as a result of amendments.

The Finance Bill will now be referred to the Rajya House for consideration.

Many opposition members were in the well during Bill's debate, chanting slogans and brandishing banners demanding a JPC investigation into the claims leveled against the Adani group of enterprises after a report by a US-based short-seller.

When the sloganeering continued, the chair adjourned the House till Monday.

Trading in Indian equities futures and options will now be more expensive, as the government raised the Securities Transaction Tax in the Finance Bill.

The STT on option sales has been increased to Rs 2,100 on a turnover of Rs 1 crore, up from Rs 1,700 before, according to amendments passed in the Lok Sabha on Friday.

The commission on the selling of futures contracts has been increased to Rs 1,250 on a turnover of Rs 1 crore, up from Rs 1,000 previously. STT is charged on a premium rather than the strike price for options.