BISHESHWAR MISHRA / INDIAN AWAAZ
The Lok Sabha today passed the Finance Bill, 2017 to give effect to the financial proposals of the Central Government for the financial year 2017-18.
The bill has capped cash transactions at two lakh rupees instead of three lakh rupees. It is one of the important amendments introduced in the Finance Bill. Finance Minister Arun Jaitley had moved 40 amendments to the bill. Besides, Income tax payers would have to declare their Aadhaar number in all tax returns filed from 1st of July. They would also have to link the Aadhaar number with the PAN before the July deadline.
Replying to debate on the bill, Mr Jaitley allayed opposition apprehension saying that the linking of Aadhaar with PAN will check tax evasion and tax fraud. The Finance Minister also ruled out bringing the agriculture income under tax net saying the profession will continue to be exempt from the income tax. Dissatisfied with the Finance Minister’s reply the opposition BJD staged a walkout. The Congress also staged a walk out after it failed to get an assurance form the government about farm loan waiver across the country and not specifically in Uttar Pradesh.
On demonetisation, Mr Jaitley said it was an anti-tax evasion measure taken in the national interest. He also appealed to all the political parties to give suggestions to the government for bringing more transparency in funding to political parties. On tax collection, Mr Jailtey said, the government will achieve the tax collection target of a record 17 lakh crore as provided in the Revised Estimate during the current financial year. He said, in the finance bill, the government has set a target of tax collection of over 19 lakh crore rupees.
On Goods and Services Tax, GST, Mr Jaitley expressed hope that the new indirect tax regime will be implemented from 1st of July this year. He said, all the decision related to provisions of GST have been taken on consensus between the Centre and States.He said, the government will soon introduce GST legislations in Parliament for approval. The GST Council has already cleared five legislations–CGST, IGST, UTGST, GST Compensation Law and the SGST.