The Lok Sabha has passed the Finance Bill by voice vote without discussion, amid ruckus in the House with opposition parties seeking a fiscal stimulus package in the wake of the Coronavirus outbreak. In the Union Budget 2020-2021, the government proposed to spend Rs 30,42,230 crore in the next financial year, 12.7% higher than the revised estimate of 2019-20.
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The government has assumed a nominal Gross Domestic Product (GDP) growth rate of 10% in 2020-21, versus the nominal growth estimate at 12% for 2019-20. It expects that receipts will increase by 16.3% to Rs 22,45,893 crore, owing to higher estimated revenue from divestment. The proposal for taxing dividends in the hands of shareholders by abolishing the dividend distribution tax (DDT) was also passed.
