Parliament passes Finance Bill, 2019
Finance Bill: The Finance Bill 2019 contains tax proposals for the current fiscal year.
Finance Bill: The Finance Bill was passed by the Rajya Sabha on July 23 amidst opposition walkout. The opposition had staged a walkout over Donald Trump’s statement on PM Modi seeking US mediation in Kashmir dispute. The Finance (No. 2) Bill, 2019 was earlier passed in the Lok Sabha on July 18.
The Finance Bill was passed in the upper house without much discussion. The Finance Bill 2019 contains tax proposals for the current fiscal year. The bill seeks to give effect to the financial proposals of the Central Government for the financial year 2019-20.
Finance Minister Nirmala Sitharaman refused to accept the opposition demands of withdrawal of additional cess on petrol and diesel and 2 percent TDS on cash withdrawal of more than Rs 1 crore from banks and removal of 10 percent customs duty on newsprint.
Sitharaman defended the move by saying that the basic customs duty on newsprint has been increased to provide a level playing field to domestic manufacturers, to give a boost to local industries.
On the imposition of 2 percent TDS on cash withdrawal beyond Rs 1 crore, the Finance Minister said the tax could be adjusted against the liability of the assesses and hence there will be no additional burden on them.
The Union Budget 2019 proposed to increase surcharge from 15 percent to 25 percent on taxable income between Rs 2-5 crore and from 15 percent to 37 percent for taxable income above Rs 5 crore. Justifying the tax on the rich, Sitharaman said that it will boost revenue generation. She further added saying that the 2019 Budget proposals aim to promote Make in India and digital payment.