On Tuesday, the Lok Sabha passed the Finance Bill, 2025, with 35 amendments. One of the amendments eliminates a 6% digital tax, known as the 'Google Tax,' on online advertisements.
"I have proposed eliminating the 6% equalisation levy for advertisements. "To address uncertainty in the international economic condition, the equalisation levy on online advertisements will be abolished," said Sitharaman in response to discussions on the Finance Bill 2025 in the Lok Sabha. Earlier today, Sitharaman presented the amended Finance Bill 2025 to Parliament, seeking approval for key budget proposals.
"The Finance Bill, 2025, provides unprecedented tax relief to honorable taxpayers," the finance minister stated. On February 1, Sitharaman presented the Union Budget, which included a total expenditure of Rs 50.65 trillion, a 7.4% increase over the revised estimate of Rs 47.16 lakh crore for fiscal year 2024-25.
Centrally Sponsored Schemes (CSS) have been allocated Rs 5,41,850.21 crore for FY26, compared to Rs 4,15,356.25 crore in FY25. The fiscal deficit for FY26 is projected to be 4.4%, compared to 4.8% in FY25.
With the passage of the Finance Bill 2025, the Lok Sabha's role in budget approval has come to an end. The Bill will now be submitted to the Rajya Sabha for consideration. After the Rajya Sabha approves the Bill, the Budget process for 2025-26 will be completed. Also, the new income tax bill will be discussed in the monsoon session.
Finance Minister Nirmala Sitharaman informed Parliament that the new Income Tax Bill will be discussed during the Monsoon Session, which begins in July. She stated that the bill, which was introduced in the House on February 13, is currently being reviewed by the Select Committee.
"The new Income Tax Bill brought during this Budget session, we hope will be taken up for discussion in this House during the Monsoon session," said Sitharaman during today's Lok Sabha vote. Here are five professional topics Anuj Jain could write articles on, reflecting his extensive experience and expertise:
