- Passage without Discussion: The Finance Bill 2023 was passed in the Lok Sabha without any discussion, and the House was adjourned to meet again on March 27.
- Amendments and Rationale: Finance Minister Nirmala Sitharaman moved amendments to the Finance Bill. She mentioned that there have been concerns raised about payments for foreign tours made through credit cards not being captured under the Liberalised Remittance Scheme (LRS) and escaping tax collection at source. The Reserve Bank of India has been requested to consider including credit card payments for foreign tours within the scope of LRS and subjecting them to tax collection at source.
The Finance Bill is a significant piece of legislation that outlines the government’s taxation proposals, revenue-raising measures, and other financial policies for the fiscal year. The amendments and highlights in this bill impact various aspects of the economy, including taxation, remittances, and revenue collection.
