Parliament passes Provisional Collection of Taxes Bill, 2023

New Delhi: The Parliament on Wednesday passed the Provisional Collection of Taxes Bill, 2023 with Rajya Sabha approving the proposed law to provide for the immediate effect for a limited period of provisions in Bills relating to the imposition or increase of duties of customs or excise.
The Bill also provides for the repeal of the Provisional Collection of Taxes Act, 1931. The Act provides for the interim imposition or increase of customs or excise duty.
The Provisional Collection of Taxes Bill, 2023 retains all the provisions under the Act.
Lok Sabha had passed the Bill on December 19.
Replying to the discussion on the Bill, Union Finance Minister Nirmala Sitharaman said, “It is a small technical amendment but essentially the law which existed since 1931 which is called the Provisional Collection of Taxes Bill 2023 is what is essentially coming in this form now. There are no major changes at all to this Bill as it existed since 1931 we carry forward. But then why are we bringing in here? It is part of the larger relook at all the bills so that any colonial past residues are in these Acts we want to remove them and make them reflective of modern India, new India that we are trying to build. ”
As many as seven members spoke in the Rajya Sabha on the Bill.
UNI

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