New Delhi, 25 March (IANS). The Finance Bill passed 2025 in the Lok Sabha on Tuesday. This includes 35 government amendments. This is an important process to implement the proposals of the Union Budget 2025-26.
In the debate on Finance Bill 2025, Finance Minister Nirmala Sitharaman said that taxpayers have been given great relief in the Union Budget 2025-26. It aims to increase production at the domestic level and increase export competitiveness.
The Finance Minister highlighted the changes made aimed at rationalizing the tariffs and promoting domestic manufacturing during the discussion on the Finance Bill.
Finance Minister Sitharaman said that the rationalization of customs declared from the budget proposals of 2025-26 is going ahead.
To increase domestic production, the government has exempted 35 additional capital goods for EV batteries and 28 items for mobile manufacturing.
Now the budget has been approved by the Lok Sabha, it will be kept for discussion in Rajya Sabha. However, the Upper House does not have the right to vote on the budget and cannot reject any proposal.
In addition, the Finance Minister said that the new Income Tax bill will be introduced in the next session of Parliament i.e. monsoon session and this Income Tax Act will replace 1961.
The Finance Minister further said that the target of fiscal deficit in FY 2025-26 in the general budget has been set 4.4 percent, which was 4.8 percent in FY 2024-25.
In order to increase consumption in the Union Budget 2025-26, the income tax exemption has been increased to Rs 12 lakh per year. This will save more money in the hands of the common man than before.
Pure market borrowing of Rs 11.54 lakh crore has been fixed in the budget. The rest of the fund will come from the small savings scheme.
In the budget, a gross tax revenue collection of Rs 42.70 lakh crore and a gross loan of Rs 14.01 lakh crore is proposed.
The total expenditure in the Union Budget 2025-26 is estimated to be Rs 50.65 lakh crore, which is 7.4 percent more than the current financial year.
-IANS
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