CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: The passage of the Finance Bill 2024–25 in the Lok Sabha is not merely a legislative formality; it signifies the country’s economic direction and developmental priorities. This year’s Finance Bill includes 35 amendments, reflecting the government’s effort to align the budget more closely with ground realities.
Among the most significant changes is the abolition of the digital tax, providing relief to global tech companies and investors in the digital economy. This move is expected to make India’s digital market more competitive and attract increased foreign investment. Additionally, custom duties on select items have been reduced, benefiting consumers and encouraging domestic production.
Passing the Finance Bill is not just about giving legal form to budget proposals—it marks the beginning of the process that defines the country’s economic operations for the upcoming fiscal year. After being passed by the Lok Sabha, the Bill is sent to the Rajya Sabha. However, being a Money Bill, the Rajya Sabha has limited powers. Once approved by the President, it becomes law and is implemented.
It’s also noteworthy that the Finance Bill doesn’t just set tax rates; it impacts multiple sectors such as social welfare, investment, agriculture, industry, and services. The amendments reflect the government’s consideration of public feedback, expert recommendations, and global trends.
This new form of the Finance Bill represents a serious attempt to make the budget more practical and balanced. It is expected to help the government implement its policies more effectively while also benefiting the common citizen. The real test will be how these changes play out at the grassroots level in the coming months. For now, it is fair to say that Parliament has taken a significant step by passing a key economic document that sets a new direction for
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