Finance Bill 2022 passed by the Lok Sabha on March 25


Posted on 25 March 2022


For Illustration Purpose Only.

The Finance Bill 2022, which gives effect to additional levies, was passed by the Lok Sabha on March 25, concluding the Budgetary exercise for the fiscal year 2022-23. 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.


Key Points


  • The Finance Bill 2022, which gives effect to additional levies, was passed by the Lok Sabha on March 25, concluding the Budgetary exercise for the fiscal year 2022-23.

  • According to an OECD analysis, 32 countries raised their tax rates in the aftermath of the pandemic.

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