Finance Bill passed in Rajya Sabha

New Delhi, Mar 27, 2023, IANS

Amid the opposition's demand of a JPC probe in the Adani issue, the Rajya Sabha passed the Finance Bill and The Jammu and Kashmir Appropriation (No 2) Bill, 2023 on Monday.

The Bill was "considered and returned" from the Rajya Sabha.

The Bill was earlier passed by the Lok Sabha last week amid the opposition sloganeering.

The Bill aims to authorise the payment and appropriation of certain sums from and out of the Consolidated Fund of India.

Both the Bills were returned to the Lok Sabha without discussion and the House was adjourned for the day.

The Finance Bill 2023-24, which was passed in the Lok Sabha through voice vote on Friday, has as many as 75 amendments, some key ones include a hike in securities transaction tax (STT) on options by 23.5 per cent and futures by 25 per cent.

This will lead to those trading in futures and options (F&O) paying higher STT.

In a way, the move is likely to discourage F&O traders, as the government aims to tax them more since turnover is high in such transactions.

Also the Finance Bill has effected an amendment, stripping debt mutual funds of long-term benefits.

According to the amendment, debt mutual funds have been stripped of the long-term tax benefit, if they invest less than 35 per cent of their assets in equities.

Such mutual funds will attract short-term capital gains tax.