<img title="Jaitley said a consensus has been arrived at between the Centre and states on most of the contentious issues in the GST Council meeting. Pic/PTI" src="http://images.mid-day.com/images/2017/mar/23-loksabha.jpg" alt="Jaitley said a consensus has been arrived at between the Centre and states on most of the contentious issues in the GST Council meeting. Pic/PTI" /> Jaitley said a consensus has been arrived at between the Centre and states on most of the contentious issues in the GST Council meeting. Pic/PTI
New Delhi: After a two-day debate, the Lok Sabha on Wednesday passed the Finance Bill. The bill was passed through voice vote, with over 40 amendments by the government, one of which will make an Aadhaar card, or enrollment number, mandatory for filing Income Tax returns after July 1.
The amendments to the Finance Bill include a provision to cap legal cash transactions at Rs 2 lakh from April 1, which got approval. The bill had originally proposed the cap at Rs 3 lakh.
Besides, amendments to the Companies Act, the Employees Provident Fund Act, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act were passed. One of the important amendments was making Aadhaar number mandatory for filing of Income Tax returns to curb tax evasion and frauds.
As parties like BJD opposed the move to make Aadhaar mandatory for filing of Income Tax returns and making PAN application, Finance Minister Arun Jaitley said, "Aadhaar has biometric details, so its chances of misuse become minimal. When the country has so much technology, and when it is being put to use, then why create such a hue and cry about it? It is an anti-evasion measure which will benefit the country. So the government considers it right to implement it," he said.
Jaitley, while replying to a debate on the Finance Bill, said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding.
5 bills to implement GST Five legislations will soon be introduced in Parliament with the objective of rolling out the comprehensive indirect tax reform GST from July 1, Jaitley told the Lok Sabha.
The Union Cabinet this week cleared four supplementary Goods and Services Tax (GST) legislations which will be introduced in Parliament in the ongoing budget session.
Appreciating the fact that all decisions relating to the model GST laws were taken by consensus at the GST Council, Jaitley said not a single decision has been taken by voting.

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Finance Bill clears Lok Sabha hurdle

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Finance Bill clears Lok Sabha hurdle

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