Lok Sabha to resume discussion on Finance Bill
Mar 25, 2025
Synopsis
During the Lok Sabha discussion on the Finance Bill, 2025, opposition members criticized the government's economic policies, highlighting the challenges in GST and structural issues. BJP members, on the other hand, praised the economic performance. The debate touched on topics such as taxpayer burdens and the divide between economic classes.
The Lok Sabha will resume discussions on the Finance Bill, 2025, on Tuesday. A day earlier, Union Finance Minister Nirmala Sitharaman introduced the Bill for the 2025-26 fiscal in Parliament, seeking approval for key Budget proposals.
For the Finance Bill to become law and implement the Budget proposals, it must be approved by both houses of Parliament.
Among the key amendments, India plans to scrap the 6% equalisation levy on online advertisement services offered by companies like Google and Meta—commonly known as the Google tax—starting April 1. The move appears to be aimed at appeasing US President Donald Trump, who has threatened retaliatory tariffs on nations imposing digital taxes on American tech firms from April 2. The proposal is part of the 59 amendments introduced by Sitharaman in Parliament on Monday.
Union Finance Minister Nirmala Sitharaman on February 1 presented the Budget 2025-26 in the Parliament.
The Union Budget 2024-25 provided major relief to the salaried class with no income tax on an average monthly income of up to Rs one lakh to boost household savings and consumption with the government also giving thrust to four engines of development - agriculture, MSMEs, investment and exports.
Sitharaman highlighted the main goal of the budget, that of rolling out a "futuristic path for transforming India into a 'Viksit Bharat' by 2047."With focus on "Garib, Youth, Annadata and Nari," the budget unveils new schemes and reforms in the sectors of agriculture, MSMEs, investments, exports, rural development, enabling employment, spurring domestic consumption and more."
[The Economic Times]
