Lok Sabha Passes Finance Bill 2025, Incorporating 35 Amendments: What Is the Finance Bill and Why It Matters
Lok Sabha Passes Finance Bill 2025, Incorporating 35 Amendments: What Is the Finance Bill and Why It Matters
Photo : PTI
The Finance Bill reiterated that imports will not be subjected to both tax and surcharge. They will either undergo a tax or a surcharge. The Finance Minister also noted that the customs duty rationalisation announced in the budget is advancing to the next stage. Additionally, the government is eradicating seven customs tariff rates to tackle duty inversion and reduce input expenses.
Moreover, changes to the simplified safe harbour framework for investment funds have been implemented to provide clarity and improved environments for business operations.
Sitharaman underlined that these changes are aimed at aligning India’s trade and investment policies with the international standard while also ensuring safeguarding domestic industry’s interests and fair taxation.
What is a Finance Bill and its Significance in India?
The Financial Bill in India is an important document that is released by the government every year in Lok Sabha. It encompasses important components of India’s economy like changes in tax laws like GST, customs duties and more, imposition or removal of taxes, modifications in existing tax rates and authorises how the government will collect revenue for the coming year. This document assists the government to implement the Budget.
