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Finance Bill 2021 has been passed by the parliament
Two minute reads :
- The parliament on Wednesday passes Finance Bill 2021 , which gives effect to the financial proposals of the central government for the financial year 2021 – 2022.
- After the bill was passed in Lok Sabha, it was presented in Rajya Sabha, which then returned the bill without any form of consideration.
- The bills aims at bringing to affect the financial proposals of the union government for the FY 2020 – 2021.
- This will apply from assessment year 2021 – 2022 onwards.
- The ministry quoted ” Maharashtra has highest tax on petrol and diesel “.
The Constitution defines financial legislation in to two categories :
- A finance Bill is a bill that, as the name suggests, concerns the country’s finance.
- The bill encompasses all amendments required in various laws pertaining to tax, in accordance with the tax proposals made in the Union budget.
- A finance bill ( | ) is defined in Article 117 ( 1 ) of the constitution & finance Bill ( || ) in 117 ( 3 ).
- The finance Bill is introduced in Lok Sabha.
- Rajya Sabha can recommend amendments in the bill.
- The bill has to be passed by the parliament within 75 days of introduction.
- Money bill is defined in Article 110.
- All money bills are financial bills but all financial bills are not money bills.
- A money bill is introduced in Lok Sabha. Then, it is transmitted to Rajya Sabha for it’s recommendations.
- The Rajya Sabha has to return the Bill with recommendations in 14 days.
- However, the Lok Sabha can reject all Or some of recommendations.
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