Lok Sabha passes Finance Bill

By Staff
|
Google Oneindia News

New Delhi, Mar 20: The Lok Sabha today passed the Finance Bill 2006-07 by voice vote.

The bill was adopted after Finance Minister P Chidamabaram replied to the two-day long debate on it.

With this, the long process connected with the passage of the General Budget for 2006-07 was complete.

Mr Chidambaram said the excise duty exemption was being restored to candles and bricks keeping in view the sentiments raised by members who argued that they were not generally power driven industry. On the demand of members to give more concession in income tax to salary earning section, he said ''A government should not go on tinkering with the rates and slabs ever year.'' He clarified that coir products were not sought to be taxed.

Referring to plea by members to withdraw the excise duty on umbrellas, Mr Chidambaram said the duty was bring proposed only at the request of the industry and also the ministry of small industries. The manufacturers of domestic umbrella wanted excise duty in view of stiff competition from a country, obviously meaning China.

Mr Chidambaram defended the proposal to making it mandatory on the part of a section of the cooperative banks in the country to file annual income tax returns. This would be applicable only in the case of 2,288 banks in the category of urban cooperatives, states cooperatives, central cooperatives and state cooperative agricultural rural development banks.

''Many of these banks are mismanaged and the new step will help to ensure some discipline in their functioning.''

UNI

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Budget 2006-07

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