Lok Sabha Approved the Finance Bill

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Lok Sabha Approved the Finance Bill
26 Mar 2022
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News Synopsis

On Friday, the lower house of the Parliament, Lok Sabha approved the Finance Bill. With the approval of this bill, the budgetary exercise for the 2022-23 fiscal year has also been completed. A total of 39 official amendments proposed by Finance Minister Nirmala Sitharaman were accepted and the amendments requested by the opposition were rejected by voice vote in this approval. Finance Minister further informed that India is probably the only country that did not resort to new taxes to fund the recovery of the economy affected by the COVID pandemic. According to the OECD report around 32 countries in the world have increased their taxes because of the pandemic. While explaining on raising capital expenditure, she said: "Instead, we put more money where multiplier effect would be maximum." The Capex has increased by 35.4 percent to Rs 7.5 lakh crore in the Budget 2022-23. The number of taxpayers has also increased in India. Currently, there are around 9.1 crore taxpayers compared to 5 crores a few years ago.

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