Finance Bill Cleared In Lok Sabha With Tax Amendment On Debt Fund Gains

Lok Sabha today passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal.

Among the amendments is the governments' move to tax investments in debt mutual funds as short-term capital gains.

The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies.

While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees.

She also said the Reserve Bank of India will look into the payments made through credit cards for foreign tours which escape tax at source.

Ms Sitharman introduced 64 official amendments to the Finance Bill which was tabled in Parliament on February 1 along with the Budget proposals.

The Budget was passed on Thursday. At that time too, no discussion could take place because of the protest.

Following amendments, 20 new sections have been added to the Bill.

The Finance Bill will now be sent to the Rajya Sabha.

While the House was taking up the Bill, several opposition members were in the well raising slogans and holding placards demanding a probe by a JPC into the allegations against Adani group of companies following a report by a US based short-seller.

As sloganeering continued, the chair adjourned the proceedings of the House till Monday.