Finance Minister Nirmala Sitharam on Thursday moved the Finance Bill in the Lok Sabha that gives effect to the financial proposals of the Central Government for FY 2019-2020. As she passed the bill, Sitharaman said that the finance bill will look into the taxation process keeping in mind the agenda of ‘Make in India’.
While addressing the Lower House, Sitharaman said that seven legislations under indirect taxation are being amended to ensure greater simplicity and that amendments to laws are being made through the Finance Bill in five major categories, including in the Goods and Services Tax (GST).
Apart from seven Acts related to indirect taxation being amended, the government would also be bringing changes to seven laws related to direct taxation. The changes would ensure that indirect taxation-related matter would have greater simplicity and be effective, she said.
Oppposing the bill, leader of opposition, Adhir Ranjan Chowdhury said that earlier amendments to the Finance Bill 2017 are in the Supreme Court to test the constitutional validity of those amendments. He asked Minister to reconsider the decision to tax pension of soldiers with disability.