Finance Bill 2018: Opposition protests as Lok Sabha passes budget without discussion

Need to connect electoral politics with development Mahajan

This completed the process of passage of the Union Budget by the Lower House. The batch involved cash outgo of Rs 85,315 crore, mainly on compensating states for loss of revenue from the implementation of Goods and Services Tax (GST).

The guillotine was applied for approval of all the outstanding demands for grants of various Ministries. Opposition MPs strongly protested against this dictatorial move.

The Congress called the passage of the Finance Bill as a "black day for democracy".

"It is a blot on democracy".

Since this is a finance bill, it is not necessary to be passed in the Rajya Sabha but technically it will be sent to the Rajya Sabha. They are just not interested in running Parliament or upholding institutions. "Despite proposing amendments, it is unfortunate that the Speaker did not allow voting", said party MP Jayadev Galla.

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"This is most unfortunate incident in the history of Parliament".

Other party MPs present with Scindia said the scope of the admitted discussion is so wide that it may even spill into the role of the finance ministers during Jawaharlal Nehru era by putting the vague phrase of irregularities "over the years" instead of the recent banking frauds. "Such an arbitrary action hasn't happened in the history of Indian Parliament", Salim said.

Kumar said the government has been making efforts to run the House for the past one-and-a-half week and is ready to discuss any issue, but since the proceedings have remained disrupted, the key money bills should be taken up at 12 noon. No substantial business has been transacted in the past 8 days.

Finance Minister Arun Jaitely moved the Finance Bill 2018 and the Appropriation Bill to go with it. It also provided for methodology for valuation of capital gains. However, to avail this incentive, the start-ups were required to comply with condition which stipulated that the turnover can not exceed ₹25 crore in 7 years from the date of incorporation.

On the changes to the meaning of "Significant Economic Presence", said Rakesh Nangia, Managing Partner, Nangia & Co LLP, this clearly implies that the government wants to ensure that no stone remains unturned when they are closing in on taxing the digital presence of foreign companies. The linking of turnover limit directly to year of claim was welcome, Mr. Saiya noted.

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