Union Finance Minister Nirmala Sitharaman moved the Finance Bill 2023 today on Friday to trigger the central government's financial proposals for fiscal year 2023-24 into consideration. This comes a day after the demand for grants was passed in Parliament.

According to media reports, the government is likely to make a large number of amendments to the tax proposals announced in the budget. Sitharaman is expected to move around 60 changes in the Financial Bill 2023.

The Lok Sabha on Thursday passed demands for grants that allow spending around Rs 45 lakh crore for the year 2023-24. The proposal was passed by a vote amid protests by members of the opposition over their demand for a JPC probe into the Adani issue.

Lok Sabha Chairman Om Birla called for the Guillotine when the House met at 6pm following two adjournments earlier.

FM Nirmala Sitharaman introduced the bill to authorize payment and appropriation of certain sums from and out of the India Consolidated Fund for Services for FY 2023-24 for passage in the House amid the din. It passed amid the din and the House was later adjourned for the day.

Asset managers are concerned about proposed amendments to India's tax rules that could affect the USD 150 billion fixed-income mutual fund industry. Instead, holdings of debt funds will be taxed at the investors' income tax rate, which is likely to be higher, according to the report.

Both houses of parliament have suffered delays due to repeated deadlock. While the Bharatiya Janata Party is demanding an apology from Congress leader Rahul Gandhi for his comments in the UK, the opposition is calling for an inquiry by the Joint Parliamentary Committee into the dispute between Hindenburg and Adani.

The second half of the budget cycle began on March 13 and will begin on April 6. The Minister of Finance presented the Federation's budget on February 1st.

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