New Delhi: The Lok Sabha Wednesday passed without discussion the Finance Bill 2018 and a Rs 89.25 lakh crore spending plan for the next fiscal year beginning April 1, all in a matter of 25 minutes during which opposition parties shouted slogans and created the din.
Finance Minister Arun Jaitley’s 21 amendments to the Bill, which contains taxation proposals for 2018-19, were approved by voice vote, and so was the Appropriation Bill which detailed spending plans for 99 government ministries and departments. With this, the Parliamentary approval for the Modi government’s fifth and final Budget is complete in Lok Sabha.
It is probably the first time in recent years that the Lok Sabha had not discussed and voted even a single ministry’s demand for grants (spending plan). In the recent past, Union budgets were passed without discussion in 2013-14 and 2003-04 when, like today, all demands were guillotined.
The amendments approved by the Lok Sabha included the one providing for grandfathering of capital gains accrued on unlisted entities till January 31. It also provided for methodology for valuation of capital gains.
In the Budget for 2018-19 presented on February 1, Jaitley brought back a tax on long-term capital gains on listed equities. Long-term capital gains of over Rs 1 lakh will be taxed at 10 per cent. However, all gains up to January 31, 2018 will be grandfathered, he had said in the Budget speech.