Lok Sabha passes Finance Bill 2015

The Lok Sabha passed the Finance Bill 2015, which includes various tax proposals presented in the Union Budget, by a voice vote on Thursday.

The Finance Bill, being a money Bill, does not require to be passed by the Rajya Sabha. Addressing members of the House, Union Finance Minister Arun Jaitley announced that his ministry will come out with a simplified Income Tax Return Form shortly, adding that certain schemes, including the Pradhan Mantri Jan Dhan Yojana and Atal Pension Yojana will not attract any service tax.

Stating that India's economy is being seen as a 'bright spot' across the world, Jaitley said that various nations are competing to invest in the country. He also said that the Indian economy is expected grow at eight per cent and if states can compete with each other, the overall growth rate may go up.

Jaitley further announced that capital gains made by foreign investors will be exempted from Minimum Alternate Tax (MAT) if the normal tax rate on such income is lower than 18.5 percent. However, he did not provide relief for past liabilities. With the passage of the Finance Bill in the Lok Sabha, all financial business in the House has reportedly been completed. The Lok Sabha is scheduled to sit until May 8.