new Delhi. The Lok Sabha on Friday approved the ‘Finance Bill 2022’, which completed the budgetary exercise of the financial year 2022-23. Lok Sabha, the lower house of Parliament, approved the Finance Bill by accepting 39 government amendments introduced by Finance Minister Nirmala Sitharaman and rejecting amendments from members of opposition parties. Today was the eighth day of the second phase of the budget session of Parliament.
Finance Minister’s statement regarding tax
Responding to the Finance Bill in the Lok Sabha, Sitharaman said that the Modi government works on the policy of putting less burden of tax on the common people and this is proof that due to the Corona epidemic, due to its efforts to deal with the situation and bring the system back on track. No new taxation was introduced during the period, while the tax was imposed in 32 countries including Germany, Britain and Canada.
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Significantly, on Thursday, the House had approved the proposed Demands for Grants for various ministries and departments in the budget for the next financial year and the Appropriation Bill related to them through ‘guillotine’ (simultaneous discussion).
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After this, under the budgetary process in Parliament, the Finance Bill was placed for the approval of the Lok Sabha on Friday, which was approved by the lower house. Approval of the Finance Bill is the final stage of the budgetary process.
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