March 25, 2022
Aparupa Poddar’s speech during the consideration and passing of The Finance Bill 2022
Thank you, hon. Chairperson Sir, for giving me an opportunity to speak on the Finance Bill. Sir, we are slowly coming out of the coronavirus pandemic, and everyone was anticipating this Budget and the Finance Bill to be a booster dose for the economy in the endemic or post pandemic era. But in reality, the booster dose was meant only
for the rich. The poor and the middle class have got only a dose of high taxation, increasing fuel prices, and rising inequality. The Government talks about increasing GDP. I feel, it means gas, diesel, and petrol, the prices of which are increasing. I would point out a few announcements that have been made through the Finance Bill. The Budget seeks to lay the foundation for achieving the vision of the hon. Prime Minister for India, and also making India a preferred choice for the world to do business. The Government has been shifting the goalpost. First, they spoke
about doubling farmers’ income by 2022; then, they talked about housing for all by 2022; and then, they talked about achieving a 5 trillion-dollar economy. I would want the Minister to answer whether these targets have been achieved or not. If it has been achieved, please give the data about all this. Sir, the Finance Minister has not proposed any change in the basic tax rates and maintained status quo for all types of assessees based on the last year.
However, it is proposed to extend the cap of surcharge at 15% for any long-term capital gains earned by Individuals and HUFs, which is currently applicable only to the capital gains on listed shares and dividend income, whereas the maximum surcharge for balance income was 37%. Sir, there has been a demand for clarity on admissibility of Input Tax Credit for expenses incurred towards CSR activities as well as expenses incurred in the wake of COVID-19. Since such supplies are being procured in the course of business and mandated by law, industry opines that availment of ITC of GST charged on such supplies should not be in dispute. Sir, there have been delays in processing GST refunds under various categories leading to working capital crunch to businesses, whereas there is a statutory timeline of 60 days within which refund amount must be disbursed. In view of the same, the Government may consider introducing granting provisional refund to the extent of ninety percent of the total claim within seven days of filing such refund
claims. Sir, as regards textile industry, while the Government has deferred increase in GST rates, the textile industry is facing several challenges,especially rising prices of cotton in the international commodity market. The key players in this sector have urged the Government to remove five per cent import duty on raw cotton. This move will help stabilize the costs and impart much needed support to both big and small businesses. Similarly, there are specific sectoral expectations on overall rationalization of customs duty rates specifically on raw materials in key sectors like steel, aluminium etc. to check input cost and inflation. On the other side, certain sectors like pulp and paper are seeking imposition of import duties on specific sourcing material to create a level-playing field, protect domestic industry, and further make them globally competitive. Sir, in this Budget, we have not seen how much black money has come back due to demonetisation. सर, भारत क� जनताबैंकों क� लाइनों मेंखड़ी रही, लेिकन आज तक इस देश मेंिकतनी ब्लैक मनी वापस आयी? जब लोग बैंकों क� लाइनों मेंखड़ेह�ए तो सौ से अिधक लोग मरगए, लेिकन िकतना काला धन वापस आया, इस चीज का कोई भी डाटाहमारेपास नहीं है ? हम यह भी जानना चाहतेहैं। Another thing is, there is no roadmap for giving employment to the unemployed youth in this country. इस देश के कुछ मं ित्रयों नेकहा हैिक अगर आप िशि�त
हो, आपकेपास नौकरी नहीं है, तो आप पकौड़ेतलो, चाय क� दकान ु खोलो, यह भी सही बात नहीं है।…(व्यवधान) आप अपनेसमय मेंबोिलएगा। Sir, high price of fuel क�वजह सेहर कमोिडटी के दाम बढ़तेजा रहेहैं, यह भी सोचने वाला िवषय है। कोरोना के समय मेंअचानक लॉकडाउन क� वजह सेिदल्ली सेकाफ� प्रदेशों में माइग्रें ट्स वकर्सर्घर गए थे, तो िजनक� रास्तेमेंडेथ हो गई, उनमेंयह देखा गया िक जो मे न अिनर्ंग पसर्न्स थे, उनक�ही डेथ होगई, तो उन प�रवारों केसाथ क्याहोगा, उन प�रवारों क� कोईहे ल्प क ी
जाएगी या नहीं, इस िवषय केबारेमेंभी फाइनैंस िबल मेंकुछ मैंशन नहीं िकयागयाहै। मैंयह जानना चाहती ह�ंऔर यह कह कर अपनी बात को िवराम दे ती ह�ं । धन्यवाद।
