Lok Sabha Passes Finance Bill 2025

The changes in Finance Bill aimed at tariff rationalisation and boosting domestic manufacturing - Nirmala Sitharaman, FM

New Delhi: The Lok Sabha passed the Finance Bill-2025 on Tuesday incorporating 35 government amendments as a key part of the process for the proposals of Union Budget 2025-26 to kick in. Union Finance Minister Nirmala Sitharaman, in her reply to the debate on Finance Bill-2025, said the Union Budget of 2025-26 provides “unprecedented tax relief to honour taxpayers” and is aimed at boosting domestic production and enhancing export competitiveness, while adding that the new Income Tax Bill to replace the Income Tax Act-1961, will be taken up for discussion in the monsoon session of Parliament. Replying to the discussions on the Finance Bill 2025 in the Lok Sabha, Sitharaman said the new Income-Tax Bill, which was introduced in the House on February 13, is currently being vetted by the Select Committee. On the other hand, Union Commerce Minister Piyush Goyal introduced the Boilers Bill-2024 in the Lok Sabha to replace the over century-old Boilers Act-1923 to improve trust by decriminalising some offences and removing obsolete provisions to enhance ease of doing business.

The FM further highlighted the changes in Finance Bill aimed at tariff rationalisation and boosting domestic manufacturing in her discussion of the Finance Bill. She said that the Customs Duty rationalisation announced in the Budget proposals for 2025-26 was moving forward.