The Lok Sabha on Wednesday successfully passed the Finance Bill 2024. Presented by Union Finance Minister Nirmala Sitharaman on Tuesday, the passage of this bill marks the completion of the interim Budget exercise for the upcoming financial year.
Notably, the Finance Bill 2024 maintains the existing tax structure, refraining from proposing any alterations.
This decision aligns with the anticipation that the final budget will be presented in July, after the new government assumes office following the general elections slated for April-May.
"We have focused on development despite presenting an interim budget ahead of elections", Minister of state for finance Pankaj Chaudhary said, replying to a discussion on the Bill.
Earlier in the day, the Lok Sabha also approved the Rs 47.66-lakh crore interim Budget for the fiscal year 2024-25, along with the second batch of supplementary demands for grants.
The passage of the Finance Bill 2024 and the Interim Budget signifies a crucial step in the fiscal management of the country, ensuring continuity and stability in financial policies during the transition period preceding the general elections.
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