New Delhi: The Finance Bill 2022 was introduced in Parliament on Tuesday by Finance Minister Nirmala Sitharaman after which the Lok Sabha was adjourned till Wednesday.
The bill is introduced in Parliament after the presentation of Union Budget every year to give effect to the financial proposals of the Government of India for the following fiscal.
Nirmala Sitharaman on Tuesday presented her fourth Union Budget in Parliament after 2019, 2020 and 2021, and became the first woman finance minister to do so.
In her presentation of the Union Budget 2022, the finance minister said that the budget will lay the foundation for economic growth and expansion of the country for the next 25 years.
She also said that Goods and Services Tax (GST) collection is robust despite the pandemic. GST revenue collection for the month of January stood at Rs 1.4 lakh crore, the highest since the inception of GST.
The capital expenditure for FY23 was increased to a record ₹7.50 lakh crore from ₹5.54 lakh crore in FY22 in the Union Budget 2022 by the finance minister.
Earlier today, the Union Cabinet approved the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament. The Budget like last year was paperless as Sitharaman carried a tablet to the Parliament wrapped in a red-coloured cover with the national emblem emblazoned on it, instead of her trademark 'Bahi Khata'.
She presented the budget by reading it out on the tablet. It was also one of her shortest budget speeches.