New Delhi: May 05: The House passed the Finance Bill in the Lok Sabha on Thursday. The Bill will now go to Rajya Sabha.
Replying to the discussion on the finance bill 2016 in the Lok Sabha, Finance Minister Arun Jaitley ruled out the demand made by Congress and Shiv Sena regarding the withdrawal of 1 percent excise duty on non-silver jewellery.
Finance Minister Jaitley also warned of action against those passing off income from other sources as agriculture income but ruled out levying any tax on farm earnings.
The Minister said, under the recently passed stringent black money law,the government will act tough against those found to holding illegal offshore accounts as revealed in the Panama papers leak.
In his hour-long reply, the Minister dwelt at length on the challenges facing the Indian economy and said the government will work to resolve the NPA problem of banks.
