New Delhi: The Budgetary exercise for FY22-23 was completed after the Lok Sabha on Friday approved the Finance Bill that gives effect to new taxation.
The Lower House of Parliament approved the Bill after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and rejecting the amendments proposed by the Opposition through voice vote.
According to the PTI, replying to a discussion on the Finance Bill, Sitharaman said India was probably the only country that did not resort to new taxes to fund the recovery of the economy hit by the Covid pandemic.
The minister said, quoting OECD report, a total of 32 countries have increased the tax rates after the pandemic, the minister said.
“Instead, we put more money where multiplier effect would be maximum,” Sitharaman said, while referring to the Budget’s focus on raising capital expenditure.
The Union Budget for FY22-23 raised the capex by 35.4 per cent to Rs 7.5 lakh crore to continue the public investment-led recovery of the pandemic battered economy.
She said, observing that the government believes in lowering taxes, the reduction in corporate tax has "helped the economy, government, and companies, and we are seeing the progress".
According to the finance minister, Rs 7.3 lakh crore has been collected as corporate tax so far this fiscal year.
Sitharaman said the number of taxpayers has risen to 9.1 crore from 5 crore a few years ago and the central government is taking steps to widen the tax base and the faceless assessment has been received well by people.
Responding to the concerns expressed by members on imposing customs duty on umbrella, she said it was done to encourage domestic manufacturing by MSMEs.
She also noted that IFSC in Gujarat is making steady progress, and several global funds and insurance companies are setting up offices in the International Financial Services Centre at Gujarat International Finance Tec-City (GIFT).