The Union Cabinet chaired by Prime Minister Narendra Modi on Tuesday granted ex-post approval for the Government’s amendments to the Finance Bill, 2021 (enacted as the Finance Act, 2021 on March 28, 2021).
The amendments were essential to clarify and rationalize the proposals further and address stakeholders’ concerns arising out of the proposals enumerated in the Finance Bill.
Major Key Points
- In particular, amendments to the Bill are tax proposals that will generate timely revenue for the government and streamline the existing provisions by addressing the grievances of the taxpayers.
- The Government will provide equity and inclusion to all taxpayers by addressing the concerns of stakeholders arising out of the amendments to the Finance Bill, 2021, and proposed amendments in the bill.
- The government said in a statement that tax proposals are amending the Finance Bill, 2021, which would generate timely revenue for the government and streamline the existing provisions by addressing the grievances of the taxpayers.
- Last month, the Lok Sabha passed the Finance Bill 2021 which gives effect to the financial proposals of the Central Government for the year 2021-22.
Responding to the Discussion on the Bill, Finance Minister Nirmala Sitharaman said
- The government is committed to easing taxation compliance procedures.
- She also said that the government is taking all measures to broaden the tax base in the country.
- Sitharaman said that rationalization in the taxation system will give a boost to the Ease of Doing business in the country.
- Reacting to the comments made by the members on issues related to GST, she said that the Center alone has no role in deciding the changes in the GST structure.
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