Lok Sabha Passes Finance Bill-2015

30 April, New Delhi

The Lok Sabha has passed the Finance Bill 2015, by a voice vote. The Bill seeks to give effect to the financial proposals of the central government for the year 2015-16.

Replying to a debate on the Bill, Finance Minister Arun Jaitley announced a number of measures for common man, rubber growers and silk yarn producers. He said, his ministry will soon come out with a simplified Income Tax Return Form.

He also announced that schemes such as Pradhan Mantri Jan Dhan Yojana and Atal Pension Yojana will not attract any service tax. Basic custom duty was hiked to protect the interest of rubber growers in the country.

The Minister announced slashing customs duty on raw silk yarn. On the economic situation, Jaitley said, the economy is expected to grow at eight per cent and if states can compete with each other then the overall growth rate may go up.

He said, where economies of countries like Japan, Brazil, South Africa and Russia are facing challenges, India is being seen as a bright spot and countries are competing for investment.

Replying to opposition’s charge that the Centre has reduced states’ share in the central pool of taxes, the Minister said, no state will get less than what it used to get under 13th Finance Commission. He said, state share has gone up from 32 to 42 per cent after 14th the acceptance of the 14th Finance Commission. He asked the opposition whether they are willing to back to recommendation of 13th Finance Commission.