The Lok Sabha has approved the Finance Bill 2017, clearing the decks for an earlier-than-usual implementation of the Union budget. The budget for 2017-18 will focus on outcomes and include a host of reforms initiatives, including on electoral funding, ease of doing business and discouraging unaccounted wealth generation by limiting cash transactions in the economy. The lower house cleared the Bill rejecting five amendments recommended by the Rajya Sabha, where the ruling coalition is in a minority. With this, the tax proposals in the Budget and the reform measures introduced later in Lok Sabha as amendments to the Finance Bill including merger of tribunals, a Rs2 lakh cap on cash transactions meant to curb tax evasion and encouraging digital payments and mandatory use of Aadhaar for filing income tax returns from 1 July will become law once the bill receives Presidential assent. Finance minister Arun Jaitley sought to allay concerns of some opposition MPs on electoral funding and empowering tax officials to protect whistle blowers.

(Live Mint)