Business Mantra News
- The Lok Sabha took just 25 minutes to pass the Union Budget for financial year 2018-19 and Appropriation Bill by voice vote without any discussion as the opposition continued their protests and slogan raising.
- It is for the first time in the recent past years that the Financial Bill, 2018 was passed without discussion and vote upon the single ministry’s demands for grants. Earlier in 2003-04 and 2013-14, the union budget was passed without any discussion on demands. But on both the occasions, no fresh proposals were incorporated in the Finance Bills since both were election years.
- The Finance Minister Arun Jaitley’s proposed 21 amendments in the Appropriation Bill, which contained the detailed spending plans for 99 ministries and departments, were approved by voice vote.
- The Lok Sabha passed the Appropriation Bills after refuting the various cut motions moved by the oppositions.
- The opposition parties hindered the proceedings of Lok Sabha as they demanded discussion on Punjab National Bank’s Scam, Cauvery water dispute, and verdict over special package to Andhra Pradesh State during the Budget Session itself.
- The new budget provides that long term capital gains of more than 1 Lacs in a year will be taxed @10%, reintroduction of standard deduction for salaried class etc.
It is emphasized that a healthy discussion for every Bill should take place before it becomes an Act.