Lok Sabha Passes Finance Bill 2024-25, Focuses on Simplification and Tax Relief

The Lok Sabha passed the Finance Bill 2024-25, highlighting the government's efforts to simplify tax laws and procedures, aimed at fostering growth and employment. This Bill is part of the Modi administration's continuous efforts toward a fair, transparent, and technology-driven taxation regime.

The Finance Bill 2024-25 was passed by the Lok Sabha on Wednesday, with Finance Minister Nirmala Sitharaman emphasizing the government's dedication to simplifying tax laws and procedures to boost growth and employment. Despite opposition amendments being rejected by a voice vote, the Bill saw successful passage.

In her response, Sitharaman credited Prime Minister Narendra Modi's vision for a simpler, more efficient, and equitable taxation system. For the past decade, and now in Modi's third term, the government has focused on reducing taxpayer burden and enhancing transparency in the taxation process, she asserted.

Sitharaman highlighted this year's simplified tax laws and procedures, presenting the Union Budget in Parliament on July 23, the first full budget of the current NDA administration. She disclosed revised tax slabs in the new regime, increased standard deductions for salaried employees, and raised capital gains exemption limits for middle and lower-income classes.

(With inputs from agencies.)