Lok Sabha completes FY23 budgetary exercise by approving Finance Bill 2022
The Lok Sabha has passed the Finance Bill for this year. With this the Budgetary exercise for 2022-23 fiscal has been completed. On March 25, the Lok Sabha enacted the Finance Bill 2022, which implements new levies, completing the Budgetary exercise for the fiscal year 2022-23. The Finance Bill was adopted by the Lower House after adopting 39 official modifications suggested by Finance Minister Nirmala Sitharaman and rejecting opposition amendments by voice vote. Sitharaman stated that India was likely the only country that did not impose new taxes to fund the recovery of the economy affected by the COVID pandemic. According to an OECD report, as many as 32 countries raised tax rates in the aftermath of the outbreak. "Instead, we put more money where the multiplier effect would be greatest," she explained, alluding to the Budget's emphasis on increasing capital expenditure. The Budget 2022-23 increased Capex by 35.4 percent to Rs 7.5 lakh crore in o...