Lok Sabha passes Finance Bill

NEW DELHI: The Lok Sabha on Monday completed the Budget exercise passing the Finance Bill, 2002 after Finance Minister Yashwant Sinha rejected the demand for further rollback of tax proposals.

Replying to the two-day debate on the Bill, which seeks to give effect to the direct and indirect tax proposals contained in the General Budget, he also ruled out tinkering with income tax rates in future saying tax-GDP ratio will be improved through better compliance and administration.

With the passage of the Bill by voice vote after adopting all official amendments moved by the Minister and rejecting the opposition amendments, the House has completed the third and last stage of the Budget process.

Now the Bill as amended will go before the Rajya Sabha which returns it before Presidential assent is sought.