The finance minister announced these measures in the Lok Sabha today in his reply on the debate on the Finance Bill, 2008. The amended Bill was later approved by the House.
The debate, conducted over several days, saw several acrimonious exchanges and walkouts by the opposition and UPA-allied Left parties over the government's inflation management strategy.
Apart from several amendments in direct and indirect taxes, Chidambaram's reply focused on inflation management, underscoring the government's resolve in the run-up to a general election scheduled by May 2009.
Contrary to some expectations, Chidambaram also stuck to his guns on the only new tax
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