The Lok Sabha today took up the Finance Bill 2025 for consideration and passing. The Bill seeks to give effect to the financial proposals of the Central Government for the financial year 2025-2026.
Initiating the discussion, Shashi Tharoor of Congress said that the GST regime in the country is very complex. He alleged that small sweet shops are paying 18 per cent GST, but they are unable to get input credit due to the absence of a Harmonised System of Nomenclature (HSN) code. Mr Tharoor said there should be relief for the common man who is paying tax to the government. He termed this finance bill as a classic case of what he called a patchwork solution.
Nishikant Dubey of BJP said, The whole world is facing an economic crisis, but India has emerged as a bright spot in the last ten years. Mr Dubey said 28 per cent GST has been imposed on online gaming to keep a check on its unrestrained growth. He said online gaming harms youngsters, and they are spending their parents’ hard-earned money on betting. Mr Dubey said the government has brought rationalisation in GST rates.
The BJP MP added that to make lifesaving medicines more affordable to the poor, the government has reduced tariffs on 36 such medicines in the Union Budget. He also said the government has also rationalised the tariff on textiles to promote the handloom sector. Participating in the discussion, Neeraj Maurya of the Samajwadi Party said the government should give more focus to the welfare of SCs, OBCs and minorities in the budget. He said, that without their development, the dream of a developed India cannot be fulfilled.
Mahua Moitra of TMC opposed the Finance Bill and alleged that the government has done nothing to reduce the tax burden on the poor. She said the spending on all social sector spending has shrunk. Participating in the discussion, Supriya Sule of NCP (SCP) said that the taxation structure in the country still needs reforms. She said it is imperative to have a good tax regime if the country aspires to grow. Anurag Thakur of BJP said that the Modi government has created stable grounds for the economy. He said long-term reforms are taken to make India an ideal destination for investment for global investors. Mr Thakur said the opposition distorted democracy during the emergency and is now engaged in appeasement politics.
Meanwhile, countering opposition allegations of not fulfilling the promises of giving two crore jobs annually, MSME Minister Jitan Ram Manjhi said that his ministry itself has provided employment to 26 crore people, and six crore more people have been enrolled for employment. He said the government has provided more jobs than promised.
Dr Kalanidhi Veeraswamy of DMK alleged that the states which are paying directly are getting very little money through the devolution of taxes from the Centre. He also urged the Centre to release the required funds to Tamil Nadu from the National Disaster Relief Fund, which has faced calamities for the last two years.
Lavu Sri Krishna Devarayalu of TDP appreciated Finance Minister Nirmala Sitharaman for giving a tax exemption up to the income of 12 lakh rupees. He said the indirect tax collection has risen almost 16.2 per cent as compared to last year. He also urged the finance minister to provide a revenue deficit grant to Andhra Pradesh, as the state has become a revenue deficit due to financial mismanagement and unscientific bifurcation of the state.
Dileshwar Kamait of JD(U) thanked the Modi government for bringing the Finance Bill to ensure easy access to financial services for the people of the country.
Harsimrat Kaur Badal of Shiromani Akali Dal said the budget does not have provisions to facilitate MSPs to farmers.
PV Midhun Reddy of YSRCP, RJD’s Abhay Kumar Sinha, Gurjeet Singh Aujla of Congress, Anil Yeshwant Desai of Shiv Sena (UBT), Amra Ram of CPI(M) and NK Premachandran of RSP also participated in the discussion. The discussion remained inconclusive.
