Lok Sabha Approved the Finance Bill, 2024 on Wednesday. The House approved the ‘Finance Bill, 2024’ by voice vote after discussion and reply by Minister of State for Finance Pankaj Chaudhary. Responding to the discussion, Choudhary said that no change of any kind has been made in the income tax rates. He said pending direct tax demands of Rs 25,000 for 2009-10 and Rs 10,000 from 2010-11 to 2014-15 would be withdrawn to benefit approximately one crore direct taxpayers. Chaudhary said that despite it being an election year, the government has given priority to the development of the country through the interim budget without making any changes other than appropriate provisions. Also, another important milestone has been crossed in the journey of making ‘Developed India’ by the year 2047.
Discussion on fiscal deficit
Initiating the discussion on the bill, Congress MP Manish Tewari said that the fiscal deficit has reached the highest level since 2020-21. Tiwari said, “In 2015, the size of India’s economy was 2.4 trillion dollars and the total debt was Rs 55.87 lakh crore. Now when the size of the economy is 3.75 trillion dollars, the government’s debt has become Rs 168 lakh crore. He said, “Is this debt a good thing? This is a burden on the coming generations.” The Congress leader claimed that the growth rate of the economy is being affected by borrowing. He said that the government has suffered a loss of Rs 1.45 lakh crore due to the corporate tax cut. He said that if the economy is growing due to the government’s capital expenditure, then it has to be assessed what benefit the capitalists have received from the tax concessions.
Manish Tiwari raised questions
Tiwari said, “We have no objection to the fact that 80 crore people are being given free ration, but the government should tell what is happening to employment.” BJP’s Subhash Chandra Bahedia said that the Modi government After the arrival of the tax system, there was improvement in the tax system and the number of taxpayers has increased a lot. He said that the tax filing system has been simplified in this government. Bahedia said that with the implementation of GST, people have got freedom from the hassles of many types of taxes and the government’s revenue has also increased.
Tax collection has increased
Congress MP Ravneet Singh Bittu said that the government should hold talks with the farmers and their loans should be waived off. BJP’s Sunita Duggal said that due to the efforts of the government, tax collection has increased and the number of taxpayers has increased. Adhir Ranjan Choudhary of Congress, while participating in the discussion, said that more relief in taxes was expected from the government in the interim budget, but the government has not given any relief to the common man. Choudhary said the government should ban plastic and replace it with jute, which is called the ‘golden fibre’.
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