The Parliamentary approval for the Union Budget 2025-26 was completed today with the Rajya Sabha returning the Finance Bill, 2025 and the Appropriation (No. 3) Bill, 2025, to the Lok Sabha after discussion. With this, the budgetary exercise for 2025-26 has been completed. The Lok Sabha cleared the Finance Bill 2025 on Tuesday. The Finance Bill seeks to give effect to the financial proposals of the Central Government for the financial year 2025-2026. The Finance Bill has already been passed in the Lok Sabha.
Replying to the discussion in the House on the Finance Bill, 2025 and the Appropriation (No. 3) Bill, 2025, Finance Minister Nirmala Sitharaman said the purpose of the Finance Bill 2025 is to bring tax certainty, promote ease of business and honour the Indian taxpayers. She said the new Income Tax slabs have brought in simplification.
Ms Sitharaman said the Finance Bill proposes to remove certain customs tariff rates for industrial goods. She said many Indian exports will become more competitive. She also informed that Budget after Budget, the government is reducing duty to meet the country’s aspiration of becoming a manufacturing hub for batteries.
The Finance Minister said another major highlight of the Finance Bill is the rationalisation of Tax Deducted at Source TDS rates. She added that the requirement for Tax Collected at Source TCS in respect of the sale of goods is proposed to be completely done away with. She stated that these kinds of steps help the tax assessees and those who collect the tax.
The Finance Minister also highlighted that the demand of pensioners regarding parity has been agreed to. She thanked Prime Minister Narendra Modi for having brought in equal treatment for all pensioners. She said the Prime Minister has approved the establishment of the Eighth Central Pay Commission to revise salaries and benefits of Central government employees.
The Finance Minister pointed out that India will become the third largest economy within a few years whereas the Indian economy was a fragile five economy in UPA rule.
Earlier, initiating the discussion, P Chidambaram of Congress said the inflation in food, education and healthcare unemployment rate in the country has increased. He said India is facing a crisis like rising unemployment, stagnant wages, falling consumption, depreciating currency, rising household debt and lthe owest household financial savings. Mr Chidambaram accused the government of mercilessly cutting budgeted expenditure on education, health and others.
BJP’s RPN Singh said the nation has seen progress in every sphere in the last decade, from farmers to weaker sections of society. He said the Narendra Modi government has taken many initiatives to strengthen the middle class and farmers of the nation. Mr Singh further said that GST has benefited the nation in a huge way, doing away with all sorts of taxes.
Sagarika Ghose of Trinamool Congress claimed that private consumption is not reviving, the poor are losing purchasing power, and private investment has slumped.
Aam Aadmi Party’s Raghav Chadha alleged that Indians pay taxes like developed countries to get services like in sub-Saharan countries. He said consumption in the country has gone down due to taxes.
Dr John Brittas of CPI(M) alleged that instead of cooperative federalism, there is crony federalism in the country. He said the Central government should uphold principles of federalism if India has to flourish. Praful Patel of NCP said Narendra Modi government has succeeded in skilling millions of youth. He said people in rural areas today own vehicles, home appliances and concrete houses. Mr Patel said Centre’s schemes are reaching the people and showing excellent results.
