Now Reading: Lok Sabha Passes Tax Bill Without Discussion
-
01
Lok Sabha Passes Tax Bill Without Discussion
The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill on Thursday without discussion, The Hindu Businessline reports. The Bill amends the Payment and Settlement Systems Act, 2007, the Finance Act,…
The Story in Brief
The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill on Thursday without discussion, The Hindu Businessline reports. The Bill amends the Payment and Settlement Systems Act, 2007, the Finance Act, 2026 and the Income Tax Act, 2025. It also repeals a June ordinance that granted tax exemptions to foreign investors.
The measure relaxes conditions for India-managed eligible investment funds and removes approval requirements for foreign cloud companies using Indian data centres. It permits leased data centres and offers 15-year tax exemptions for some electronics manufacturing and rough-diamond businesses. The Bill does not itself impose a Merchant Discount Rate on UPI, but allows the government to decide later whether charges should apply to specified digital payment modes.
The Indian Opinion
Claims that the Bill immediately brings back UPI charges overstate its effect. Equally, claims that every tax concession will automatically bring factories and capital ignore eligibility rules, notifications and compliance costs. The practical test is whether investors actually commit money under the new framework, while merchants and users continue to face zero MDR unless a future government notification changes that position.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
