The Finance Bill, which gives effect to increased levies, was adopted by the Lok Sabha on Friday, bringing the Budgetary exercise for the fiscal year 2022-23 to a close. The Lower House cleared the Finance Bill after accepting 39 formal amendments presented 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 that had been damaged by the COVID pandemic. According to an OECD analysis, 32 countries raised their tax rates in the aftermath of the pandemic.
"Instead, we put more money where the multiplier effect would be greatest," she said, alluding to the Budget's emphasis on capital spending. To continue the public investment-led recovery of the pandemic-wounded economy, the Budget 2022-23 increased Capex by 35.4 percent to Rs 7.5 lakh crore. She claimed the cut in corporate tax has "helped the economy, government, and companies, and we are seeing success" since the Modi government believes in lowering taxes. She stated that corporate tax has been collected in the amount of Rs 7.3 lakh crore so far this fiscal.
She stated that the number of taxpayers has climbed to 9.1 crore from 5 crore a few years ago, and that the government is working to broaden the tax base. She also stated that the faceless assessment has been warmly received by the public. In response to members' complaints over the imposition of a customs duty on umbrellas, she stated that it was done to boost domestic manufacture by MSMEs.
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