Financial bill is a bill in which matters other than financial nature are also included and the provisions relating to the financial bill are envisaged in Article 117 of the Indian Constitution. It is also described as a money bill to which provisions of general legislation have also been added. It may deal with the subjects of money bills but also include other matters too.
Further two conditions have been laid in the Constitution of India:
However, no such recommendation is required when the proposal is for abolition or reduction of tax. Further, the intent behind the recommendation is to ensure the responsibility of the President for the action of Government.
The Financial Bill, 2020 was passed without any discussion by the Lower House of the Parliament without any due deliberation because of the rising need of finance and due to the outbreak of COVID-19.
The Union government described the situation further, the amendments that were raised in the house by the opposition were ignored and the Finance Minister Nirmala Sitharaman tabled for the passing of the bill.
The parliamentary procedure of “voice vote’’ was made use of in which the votes of the members are taken orally on the motion. Though the BJP had to face hullabaloo from the opposition. The estimated budget for 2020-21 was 12.7% more than the last budget. The expected growth rate of the Gross Domestic Product(GDP) is estimated at 10%. Further, the NRI’s deriving income above 15 lakhs from the Indian businesses will come within the tax slab now. The Parliament was adjourned sine die.