Finance Minister Nirmala Sitharaman on Wednesday said that the Finance Bill,2021 has some amendments aimed at achieving a reduction in compliance and improving ease of doing business.
Replying to debate on the Finance Bill, 2021 in Rajya Sabha, the Minister said it does not envisage any increase in taxation particularly in direct taxes and income tax.
“The Finance Bill, 2021 doesn’t envisage any increase in taxation particularly in direct taxes and income tax. It has some amendments towards achieving a reduction in compliance aimed at ease of doing business. An approach is similar for customs and indirect taxes,” she said.
The Lok Sabha had passed the Finance Bill, 2021 on Tuesday. The bill gives effect to the financial proposals of the central government for the financial year 2021-22.
The passage of the Finance Bill by Parliament marks the completion of the budgetary process.