The Finance Bill, 2023 has been presented by Finance Minister Nirmala Sitaraman in Parliament today on 1st February 2023. A copy of the Finance Bill, 2023 is available for download in pdf format.
As in last year, this year also Union Budget 2022 along with the Finance Bill for FY 2023-24 has gone “paperless”. This is the third time since independence that the budget papers are not printed.
Every year the Finance Minister presents the Union Budget for the forthcoming year before the parliament with his budget speech which has two parts.
Part-A of the Budget Speech: contains the proposed policies of the government in the fiscal areas.
Part-B of the Budget Speech: contains tax proposals.
In order to implement the tax proposals, the Finance Bill is introduced in Parliament. Once the Finance Bill is approved by the Parliament and gets the assent of the President, it becomes a Finance Act.
The Finance Bill is accompanied by a Memorandum containing explanations of the provisions included in it. The Finance Bill can be introduced only in Lok Sabha. The proposals for levy of new taxes or modification of the existing tax structure are submitted to Parliament through this bill.
At the time of presentation of the Annual Financial Statement before Parliament, a Finance Bill is also presented in fulfilment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Union Budget.
Finance Bill is a money bill introduced every year in Lok Sabha immediately after the presentation of the Union Budget, to give effect to the financial proposals of the Government of India for the immediately following financial year.
The Finance Bill details the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. It is through the Finance Act that amendments are made to the various Acts like Income Tax Act 1961, Customs Act 1962, etc.
In short, a Finance Bill can be considered an umbrella Act. However, being an Act of Parliament, the various chapters of the Finance Act exist independently, and hence are enforceable.
Update:
Finance Act, 2023 notified on 31.03.2023
 as introduced in Lok Sabha){kind=link}
0 Comments