Hope to introduce new revenue tax invoice in Lok Sabha subsequent week: Sitharaman

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Finance Minister Nirmala Sitharaman on Saturday mentioned she is more likely to introduce the brand new revenue tax invoice, which can change the six-decade-old I-T Act, within the Lok Sabha within the coming week.

The Union Cupboard, chaired by Prime Minister Narendra Modi, accepted the invoice on Friday.(Sanchit Khanna/ Hindustan Occasions)

After introduction within the Higher Home, the invoice will likely be despatched to a parliamentary standing committee for scrutiny.

The Union Cupboard, chaired by Prime Minister Narendra Modi, accepted the invoice on Friday.

“Yesterday, the Cabinet cleared the New Income Tax proposal, I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee,” Sitharaman mentioned a media briefing after addressing the post-budget customary assembly with the central board of administrators of the Reserve Financial institution of India (RBI).

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The invoice will once more go to the Cupboard after the parliamentary committee provides its suggestions on it. After Cupboard approval, it can once more be launched in Parliament.

“I still have three critical stages to pass through,” Sitharaman mentioned to the question relating to the rollout of the brand new revenue tax legislation.

Sitharaman had first introduced a complete overview of the Earnings-Tax Act, 1961 within the July 2024 Funds.

The CBDT had arrange an inner committee to supervise the overview and make the Act concise, clear, and simple to know, which can cut back disputes, and litigations, and supply larger tax certainty to taxpayers.

Additionally, 22 specialised sub-committees have been established to overview the assorted features of the Earnings Tax Act.

To a different query, the Finance Minister mentioned the final week’s Funds announcement on customs obligation rationalisation is a piece that has been on because the final two years.

“So we had rationalised some even two years ago. We also set certain norms saying evergreening is not going to happen on anti-dumping duties, which had played a big role in giving some kind of protection for India’s own manufacturing capabilities,” she mentioned.

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Sitharaman additional mentioned with each such expiry date getting nearer, the federal government will overview it completely, and solely in distinctive circumstances duties will likely be prolonged, however most frequently they need to be concluded in order that the safety doesn’t change into a perpetual safety.

“So, this is an ongoing process. We want to make India a lot more investor-friendly, trade-friendly, and at the same time, balance it with Aatmanibhar Bharat where we need to have production, particularly through the MSMEs. We will provide the tariff protection as required by the industry,” the Finance Minister, who introduced her eighth straight Funds on February 1, mentioned.

In her Funds speech, Sitharaman had introduced rationalisation of customs tariff construction for industrial items.

As a part of the excellent overview of the customs fee construction introduced within the July 2024 Funds, on February 1, 2025, she proposed to take away seven tariff charges.

This was over and above the seven tariff charges eliminated within the 2023-24 Funds.

There will likely be now solely eight remaining tariff charges, together with the ‘zero’ fee.

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