Lok Sabha passes Finance Bill, 2018 with 21 Amendments

Finance Bill

The Finance Bill, 2018 has been passed by the Lok Sabha today without any discussions by applying the guillotine process.

The guillotine process allows for a vote on outstanding demands for grants, whether discussed or not, once the time frame allotted for the discussion is overdue to ongoing political issues.

The bill containing tax proposals for the coming financial year was introduced by Union Finance Minister Arun Jaitley on 1st February.

One of the significant proposal made in the Finance Bill was to grant indexation benefit in case of unlisted securities.

With the passage of the Finance Bill and the Appropriation Bill, the budget exercise is complete in the lower house. Technically, the two Bills also have to go to Rajya Sabha but since they are money bill they would be considered approved if the Upper House of Parliament does not return them within 14 days. The Opposition has an upper hand in the Rajya Sabha.