Which of the following statements is/are correct with reference to the Finance Bill, 2021?
A. The Union Cabinet has given ex-post facto approval for the Government amendments to the Finance Bill, 2021.
B. The Government amendments to the Finance Bill, 2021 are tax proposals which shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers.
C. Both A & B
D. None of these
Explanation:
The Union Cabinet gave ex-post facto approval to the official amendments to the Finance Bill, 2021, which were aimed at clarifying and rationalising tax proposals for 2021-22. The amendments were essential to clarify and rationalise the proposals further and address stakeholders’ concerns arising out of the proposals enumerated in the Finance Bill. The Government amendments to the Finance Bill, 2021 are tax proposals which shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers.
