Lok Sabha passes Finance Bill 2025 with 35 amendments, Rajya Sabha next

The Lok Sabha on Tuesday passed the Finance Bill, 2025 with 35 amendments. The amendments include one that abolishes a 6 per cent digital tax, popularly known as the 'Google Tax,' on online advertisements.

 

"I have proposed to remove the 6 per cent equalisation levy for advertisements. Equalisation levy on online advertisements to be abolished to address uncertainty in international economic condition," said Sitharaman while replying to the discussions on the Finance Bill 2025 in the Lok Sabha,.

 

Earlier today, Sitharaman presented the amended Finance Bill 2025 in Parliament, seeking approval for key Budget proposals.

 

"Finance Bill, 2025, provides unprecedented tax relief to honour taxpayers," the finance minister said.

 

On February 1, Sitharaman presented the Union Budget with a total expenditure of Rs 50.65 trillion, an increase of 7.4 per cent over the revised estimate of Rs 47.16 lakh crore for the current fiscal year 2024-25.

 

Rs 5,41,850.21 crore has been allocated for Centrally Sponsored Schemes (CSS) for FY26 compared to Rs 4,15,356.25 crore for FY25.

 

The fiscal deficit for FY26 is projected at 4.4 per cent against 4.8 per cent in the current FY25.

 

With the passage of the Finance Bill 2025, the Lok Sabha has concluded its role in the Budget approval process. The Bill will now move to the Rajya Sabha for consideration. After the Rajya Sabha approves the Bill, the Budget process for 2025-26 will be complete.  New Income Tax Bill to be discussed in Monsoon Session  FM told Parliament that the new Income Tax Bill will be taken up for discussion in the Monsoon Session, which will start in July. She said the Bill, which was introduced in the House on February 13, is currently being vetted 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 in Lok Sabha today. 

(With agency inputs)