Lok Sabha passes Finance Bill 2022

Sakshi Education

The Finance Bill 2022 moved by Finance Minister Nirmala Sitharaman was passed in Lok Sabha.
In her reply to the issues raised by the members on the bill, the minister Nirmala Sitharaman said that the tax proposals proposed in the bill are designed to cause minimum burden on the taxpayers.
On the faceless assessment of tax payers, the minister noted that the amendments related to this are made to plug the loose ends and provide a window to the taxpayers to resolve the dispute through video conference during the finalization.
On amendment regarding retrospective imposition of rules, the minister pointed out that this is done to end the misuse and provide an opportunity to the taxpayers to disclose their income and pay tax without penalty.
On GST rationalization and simplification, the minister said that the process continues and the GST Council is working on it.
On the increase in fuel prices, the minister answered that the Ukraine war has impacted the prices which is a global phenomenon. The passing of the Finance Bill in Lok Sabha has now paved the way for the Government to implement the provisions of the Union Budget from next month.

Published date : 26 Mar 2022 05:46PM