Lagatar24 Desk
New Delhi, March 25: The Finance Bill, which gives effect to increased levies, was adopted by the Lok Sabha on Friday, bringing the budgetary exercise for the fiscal year 2022-23 to a close.
The Lower House cleared the Finance Bill after accepting 39 formal modifications presented by Finance Minister Nirmala Sitharaman and rejecting the opposition’s amendments by voice vote.
In response to a question about the Finance Bill, Sitharaman stated that India was likely the only country that did not impose new taxes to fund the recovery of the economy that had been damaged by the COVID pandemic.
According to an OECD analysis, 32 countries raised their tax rates in the aftermath of the pandemic, said the finance minister.
“Instead, we put more money where multiplier effect would be maximum,” she said while referring to the Budget’s focus on raising capital expenditure.
