the completion of Budgetary exercise for 2022-23 fiscal year, the Lok Sabha on
March 25 passed the Finance Bill, which gives effect to new taxation policy.

The lower house approved the Finance Bill after accepting
39 official amendments proposed by the Finance Minister Nirmala Sitharaman and
rejecting the amendments proposed by the opposition by voice votes.

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India was probably the only country that has not put any
new taxes to fund the recovery of the economy hit by the Covid-19 pandemic,
said Sitharaman while replying to a discussion on the Finance Bill.

According to an OECD report, as many as 32 countries have
raised taxes after the pandemic, she added.

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“We as a government strongly believe in lowering taxes,
bringing the burden on common man lower, and we are continuously and
successfully doing it,” the Finance Minister said.

While referring to the Budget’s focus on increasing
capital expenditure, she said “Instead, we put
more money where multiplier effect would be maximum”.

In the Budget 2022-23, the capital expenditure (Capex)
was raised by 35.4% to Rs 7.5 lakh crore to continue the public investment-led
recovery of the economy from the pandemic.

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Sitharaman said that the reduction in corporate taxes has
helped the economy, government and companies to progress.

The number of taxpayers has increased from 5 crore to 9.1
crore in a few years and the government is taking measures to widen the tax
base and the faceless assessment has been received well by people.

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She responded to concerns expressed by members regarding
the duty imposed on umbrellas, saying it was done to promote the domestic

Sitharaman added that IFSC in Gujarat is making
steady progress and many global funds and insurance firms are setting up
offices in the International Financial Services Centre at Gujarat International
Finance Tec-City (GIFT).

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On the other hand, the opposition members strongly
demanded to curb rising fuel prices and accused the government of putting the
people to difficult times soon after the elections were over.