Union FM Nirmala Sitharaman to Discuss Finance Bill before Lok Sabha on March 24, 2023

The Lok Sabha has scheduled the discussion on the Finance Bill and its passing on March 24, 2023.

Nirmala Sitharaman, the finance minister, will move that the (Finance) Bill be taken into consideration in order to put the central government’s financial plans into action for the financial year 2023–2024, according to the agenda for March 24.

On February 1, the Finance Bill was introduced when the Union budget 2023 was presented. It includes a number of tax suggestions as well as changes to existing legislation.

According to the lengthy Finance Bill 2023, which is 220 pages long, we might anticipate the following amendments:

I. Direct Taxes and Indirect Taxes

1. Income Tax – around 120 amendments have been suggested in the finance bill.
2. Customs and Customs Tariff
3. Central Goods and Services Tax
4. Integrated Goods and Services Tax

II. Miscellaneous:

1. The Government Savings Promotion Act, 1873
2. The Indian Stamp Act, 1899
3. Central Sales Tax Act, 1956
4. The Prohibition of Benami Property Transactions Act, 1988

Among these, the highest amendments were suggested to the Income Tax Act, 1961. It was suggested to amend the sections including S. 80C, S. 142, S.148, S.153, S. 206C, S. 269SS, S. 269T, S. 270A, S.270AA…etc.

In the Central Goods and Services Tax, it was proposed to amend the sections including S. 10, S. 16, S. 44, S. 52, S. 56, S.132,  S.158A, retrospective exemption to certain activities and transactions in Schedule III to the Central Goods and Services Tax Act, Substitution of new section for section 23…etc.

The Finance Bill also suggested the amendment of the seventh schedule of the Finance Act, 2001.

Additionally, it has been suggested that section 2 and section 127C of the 1962 Customs Act be modified. Substantially, the first and second schedule also identify the need to change along with Sections 9, 9A, and 9C of the 1975 Customs Tariff Act.

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