Finance Bill 2026 passed in Lok Sabha through voice vote

The Lok Sabha on Wednesday approved the crucial 'Finance Bill 2026' through a voice vote to implement the government's budget proposals for the fiscal year 2026-27.
Finance Minister Nirmala Sitharaman, while responding to a two-day debate on the finance bill in the Lok Sabha, said the government is keen to simplify taxes to facilitate business and boost the economy. She stated that tax exemptions have been given to tourists traveling abroad and the procedure at airports has been simplified for those bringing in essential goods.
She emphasized that simplifying the income tax system is a priority to help people expand their businesses and make it easier for taxpayers. The finance minister said that reducing the fiscal deficit has been a priority for the government and it is being gradually reduced. She pointed out that the fiscal deficit was 9.3 percent in 2020-21, which has since come down by 4.3 percent.
Similarly, in terms of debt, India is in a better position than countries like China, Japan, and the United States. She claimed that the country's economic foundation is so strong that no major crisis can weaken it now. She said that the minor economic crisis during the United Progressive Alliance (UPA) government's tenure in 2008 had shaken the government.
She said that the reforms being undertaken by her government are not being done under duress but with a clear intent and firm conviction. The government is working under a continuous process of building and developing the country, which is not a task that can be completed in one night.
The reforms are being undertaken with a firm resolve under the leadership of Prime Minister Narendra Modi to fulfill the aspirations of 140 crore people of the country, and the development process in the country is now on the 'fast track'. The government's focus is on creating a trust-based tax system, under which the problems of honest taxpayers are being reduced.
Several steps have been taken to make the tax administration more transparent and easier. The finance minister said that the bill has simplified the tax administration to reduce the difficulties of common people. Farmers are being empowered as they are the backbone of the country.
Several tax-related reforms have been introduced to make India a global hub, with rapid work being done in sectors such as electronics and manufacturing. All necessary steps are being taken to ease business and correct customs duty.
The finance minister, while rejecting the allegations of Congress's Amar Singh, said that a lot has been done for the middle class. To provide relief to common people, 17 essential life-saving medicines have been exempted from basic customs duty, which will reduce their prices and directly benefit patients.
She said that people will no longer face any difficulty in bringing in goods from abroad, which will benefit the middle class. She further said that tax has been waived for tourists traveling abroad and fees, medicines, and food items for children studying abroad have been reduced.
The expenses of travelers going abroad have been rationalized so that they do not face difficulties in bringing in goods. She said, "The opposition repeatedly questions the imposition of additional tax (cess). We want to tell them that the right to impose cess lies with the central government.
Just as states have the right to impose taxes and we do not question it, the Constitution has given us this right as well. The amount collected as cess is spent much more on the states. This has greatly benefited the states in schemes such as overall education, mid-day meal scheme, and state protection schemes."
Ms. Sitharaman said that the construction of data centers will provide jobs to Indians, which will increase India's 'cloud capability and generate large-scale employment. She also stated that since the reduction in Goods and Services Tax (GST) in September 2025, there has been a 26.1 percent increase in sales.
There has been a record increase of almost 34 percent in the sale of passenger vehicles. The reduction in GST has increased demand, which has benefited companies manufacturing vehicles and bikes. Tamil Nadu has benefited the most from GST reforms and the increase in GST collection is benefiting the states.
The opposition's allegations are completely baseless. She said that it is unfortunate that the Chief Minister of Tamil Nadu has spoken against the bill for women's protection, which is related to the PLI scheme as it has provided the most employment to women.
She alleged that the Tamil Nadu government is anti-women. The finance minister further said that her government had launched a scheme to encourage workers working in tea gardens, in which the Assam government spent Rs 29 crore to benefit lakhs of workers in 18 districts, but the West Bengal government did not implement the scheme.
Due to the West Bengal government's decision, 3.7 lakh tea garden workers in the state have been denied justice. Similarly, the West Bengal government has also not provided the benefit of 'Ayushman Bharat to its people, due to which 1.5 crore Bengalis have been deprived of the benefits of the scheme.