The Lok Sabha on March, 23, 2021 has passed the Finance Bill, 2021 to implement the union annual budget 2021-2022. The Finance Minister clarified following aims while presenting the Finance Bill, 2021:
- The Finance Minister clarified following aims while presenting the Finance Bill, 2021:
- Simplify the taxation compliance procedures.
- Widen the tax base in the country.
- Rationalization in the taxation system to encourage Ease of Doing Business in the country.
- 41% of the existing taxes levied on the petrol and diesel shall be shared with the States.
- The collected revenue from Agriculture Infrastructure and Development Cess will go to the States for creating a robust agriculture infrastructure in the country.
