Finance Bill 2023 as passed by Lok Sabha available for Download Now [Read Finance Bill]
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The amended Finance Bill, 2023 as introduced and passed by lok sabha is available for stakeholders to download now. The Rajya Sabha had given its approval to the Finance Bill, 2023, presented by the Union Finance Minister Nirmala Sitharaman. The Finance Bill 2023 has proposed some amendments to the Income Tax Act that taxpayers and investors need to look out for. Amidst loud...
The amended Finance Bill, 2023 as introduced and passed by lok sabha is available for stakeholders to download now.
The Rajya Sabha had given its approval to the Finance Bill, 2023, presented by the Union Finance Minister Nirmala Sitharaman. The Finance Bill 2023 has proposed some amendments to the Income Tax Act that taxpayers and investors need to look out for.
Amidst loud sloganeering by opposition parliamentarians demanding a Joint Parliamentary Committee probe into the Adani-Hindenburg issue, the Finance Bill 2023 was passed by the Lok Sabha on March 24 with several official amendments. Finance Minister Nirmala Sitharaman had proposed 64 amendments to the Finance Bill.
Once the bill becomes the Finance Act, 2023, the the following changes are expected to get notified: –
Income Tax Rate Changes and Other Income Tax Amendments
A total of 125 amendments are proposed to the Income Tax Act, 1961, along with some income tax rate/slab changes.
Customs and Customs Tariff
A total of 9 amendments were proposed to the Customs and Customs Tariff Rates.
Goods and Services Tax (GST) Amendments
23 amendments were proposed to the Goods and Services Tax Regime with an additional 4 amendments to the Integrated Goods and Services Tax.
Other Changes
The 2023 Finance Bill, further proposed to amend the following acts: –
THE GOVERNMENT SAVINGS PROMOTION ACT, 1873
THE INDIAN STAMP ACT, 1899
THE SECURITIES CONTRACTS (REGULATION) ACT, 1956
THE CENTRAL SALES TAX ACT, 1956
THE PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, 1988
THE FINANCE ACT, 2001
THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002
THE FINANCE (NO. 2) ACT, 2004
The Finance Bill, 2023 was passed by Lok Sabha on 24.03.2023. After the amendments introduced, the bill is now 111 pages long and lays down the path to give effect to the financial proposals of the Central Government for the financial year 2023-2024.
To Read the full text of the Finance Bill 2023 CLICK HERE
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