Finance Bill 2025: The Finance Bill 2025 has been passed in the Lok Sabha. In the debate on the Finance Bill 2025, Finance Minister Nirmala Sitharaman said that a big relief has been given to the taxpayers in the budget.
The Finance Bill 2025 was passed in the Lok Sabha on Tuesday. It includes 35 government amendments. This is an important process to implement the proposals of the Union Budget 2025-26. In the debate on the Finance Bill 2025, Finance Minister Nirmala Sitharaman said that a big relief has been given to taxpayers in the Union Budget 2025-26. Its aim is to increase domestic production and increase export competitiveness.
During the discussion on the Finance Bill, the Finance Minister highlighted the changes made with the aim of making tariff rationalization and promoting domestic manufacturing. Finance Minister Sitharaman said that the process of rationalization of customs duty announced in the budget proposal for 2025-26 is progressing. To increase domestic production, the government has exempted 35 additional capital goods for EV batteries and 28 items for mobile manufacturing from customs duty.
New Income Tax Bill to be introduced in Monsoon Session
Now that the budget has been approved by the Lok Sabha, it will be put up for discussion in the Rajya Sabha. However, the Upper House does not have the right to vote on the budget and cannot reject any proposal. Apart from this, the Finance Minister said that the new Income Tax Bill will be introduced in the next session of Parliament i.e. Monsoon Session and it will replace the Income Tax Act 1961.
The target of fiscal deficit in the financial year 2025-26 is 4.4 percent.
The Finance Minister further said that in the general budget, the target of fiscal deficit in the financial year 2025-26 has been set at 4.4 percent, which was 4.8 percent in the financial year 2024-25. In the Union Budget 2025-26, income tax exemption has been increased to Rs 12 lakh per annum to increase consumption. This will save more money in the hands of the middle class than before.
Total expenditure is estimated to be Rs 50.65 lakh crore
Net market borrowing has been fixed at Rs 11.54 lakh crore in the budget. The remaining fund will come from small savings scheme. The budget proposes gross tax revenue collection of Rs 42.70 lakh crore and gross borrowing of Rs 14.01 lakh crore. The total expenditure in the Union Budget 2025-26 is estimated to be Rs 50.65 lakh crore, which is 7.4 percent more than the current financial year.
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