Lok Sabha passes Finance Bill 2016

May 10 2016 3:13AM


The Bill was passed after Finance Minister Arun Jaitley moved 55 amendments to the Bill.

Replying to the discussion on Finance Bill, Jaitley said that there shall be no tax on agriculture income.

The Lok Sabha passed the finance bill, retaining the excise duty on jewellers, despite opposition from some political parties.

Finance Minister Arun Jaitley said notice has been issued to every person whose name figures in Panama papers. 

Finance Minister Arun Jaitley said it is difficult to say how long global headwinds would persist, but Indian economy is doing much better than others. 

Finance Minister said that India continues to maintain a high growth rate at 7.65% in 2015-16 compared to 7.2% in 2014-15.

Government outrightly rejected suggestions from some opposition members to bring agriculture income under the tax net, saying this is not being considered at all.

Finance Minister Arun Jaitley said that Already the fastest growing major economy in the world, India can grow at an even faster pace this year if predictions of good monsoon hold up.

Finance minister Arun Jaitley reiterated that the government will not roll back the 1% excise on non-silver jewellery and said the levy was not applicable on small traders and artisans and only jewellers with more than Rs 12 crore turnover will attract the duty.

Addressing the bad loans situation Finance Minister Jaitley said the NPAs of banks is an issue of "concern" and The government shall bring the banks out of the NPA mess.

Finance Minister Jaitley, who moved some amendments to the Finance Bill introduced by him on February 28 along with demands for grants and appropriation bill, listed out measures taken by the BJP government in last two years to give relief to small tax payers and reduce tax litigation.

(BK) 

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