The eighth day of the month-long second leg of the budget session of parliament is expected to be a busy one. The Bill scheduled to be considered and passed in the Lok Sabha is The Finance Bill, 2017 and The Constitution (Scheduled Castes) Orders (Amendment) Bill, 2017.
In the Rajya Sabha, the bill for consideration and passing is the Employee's Compensation (Amendment) Bill, 2016. The bills for consideration and return are The Appropriation (Railways) Bills, 2017 and The Appropriation Bills, 2017. Today's agenda includes further discussion on the working of the Union Budget for 2017-18, the Railway Ministry, the Ministry of Personnel, Public Grievances and Pensions, the Ministry of Micro, Small and Medium Enterprises and on the Ministry of Information and Broadcasting.
The Finance Bill has been passed in Lok Sabha
Arun Jaitley on Aadhaar- Aadhaar No. has been made mandatory for filing of Income Tax returns to curb tax evasion and frauds
- 98 per cent of the adults have Aadhaar cards
- People have been found to have upto 5 PAN cards
- Linking Aadhaar to PAN as some people hold multiple PANs to evade tax
Making all attempts to implement GST from July 1, the remonetisation process is almost over: Arun Jaitley
Tax department will act against evaders: Arun Jaitley- Those who aren't paying taxes, they are stealing from the nation and that' no acceptable
- If we remain a tax non-compliant country, how will the government earn?
- We need all that money back in the banks
- It's a problem for the nation, MNREGA, defence, army preparedness, farmers need more attention
- Tax department will act against evaders
- We need to encourage small tax payer
We are moving towards a time when there will be no shadow economy but some are still seeing virtues of cash transactions: Arun Jaitley
Arun Jaitley on demonetisation- Demonetisation is an issue raised often
- The government took the decision and the people's political verdict on it is in front of you
- But what was the benefit of the move? The anonymity of cash transactions have received a great blow. And the effects will show on the Indian economy.
GST council could be India's first truly federal decision making body: Arun Jaitley- Both the houses have passed the GST law
- So far there have been around 12 meetings if the GST council and we have reached a consensus on almost all contentious issues
- This council could well be India's first truly federal decision making body
- Because the PM did not want the decision taken through a simple vote
- It was an exemplary exercise in federal democracy
- Let there be no misconception that we will lose out on tax due to demonetisation
- The year is yet to end and it seems we will achieve record target
- In the current fiscal, we had a target of 16.25 lakh crore direct and indirect tax
- We revised the target to Rs 17 lakh crore
No arbitrary power will be given to Tax Department; no tax of farmer's income: Arun Jaitley
Next year will be a year of change: Arun Jaitley- The next year will be a year of change
- For next year, we have these tax targets - 9.8 lakh crore direct tax and 9.25 lakh crore indirect tax
In the last 2 years tax buoyancy has improved: Arun Jaitley
- In the current fiscal, we had a target of 16.25 lakh crore direct indirect tax
- We revised the target to Rs 17 lakh crore
- The year is yet to end and it seems we will achieve even the record target
No arbitary power to tax department: Arun Jaitley
Arun Jaitley in Lok Sabha- There is not one member who will want tax evaders to be enambled
- But the system so far was such that any person who reveals that info had to be named
Arun Jaitley has also proposed making Aadhaar, mandatory for filing of income-tax returns
Finance Minister Arun Jaitley proposed 40 amendments in the Finance Bill, 2017, sparking protests from many regional parties like the Biju Janata Dal (BJD), the Trinamool Congress (TMC) and others.
Parliament is discussing the Finance Bill, 2017 as part of it s budget session on Wednesday.