Lok Sabha passed the Finance Bill 2018-2019 with 21 amendments and three new clauses post which the House adjourned for the day.

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The amended Bill has removed Provident Fund provision in case of default, CNBC-Tv18 has learnt. The Bill was passed without discussion by applying the guillotine process as the opposition paralysed the functioning for the eighth day.

Finance Minister Arun Jaitley moved the Finance Bill, 2018, which contains taxation proposals of his fifth and final budget, as well as the appropriation bill that details spending in various departments.

The bills were passed by voice vote. The appropriation bill was approved after a guillotine was applied which essentially means that all outstanding demands for grants from various departments are put to vote at once whether they are discussed or not. With the passage of the Finance Bill and the Appropriation Bill, the budget exercise is complete in the lower house.

Finance Secretary Hasmukh Adhia said that the capital gains on the unlisted entities accrued till January 31 will be grandfathered and its methodology for valuation is prescribed in the amendment.

The grandfathering clause on the assets of the unlisted entities will mean that assets accrued until January 31 will be exempt from the capital gains tax. Post which, the firms will be bound to pay the tax.

Amid the chaos in the Parliament over media gag in Gorakhpur, Lok Sabha Speaker Sumitra Mahajan said that the Finance Bill was tabled in the Parliament at 12 pm today.

The proceedings resumed after the Lok Sabha adjourned at 11:10 am. The Houses were adjourned for seven consecutive days and were unable to take up the Finance Bill 2018-2019.

The protests by the opposition parties led to such a decision where the Parliament was compelled to adjourn the House.

Along with the Finance Bill, the Fugitive Economic Offenders Bill and the Chit Funds (Amendment) Bill had also not seen any developments. However, details are awaited if the Economic Offenders Bill will be taken up.

(With inputs from PTI)

First Published:Mar 14, 2018 7:01 AM IST