Lok Sabha passes Taxation Laws (Amendment) Bill 2016

The Lok Sabha today passed the Taxation Laws (Amendment) Bill 2016. The bill will pave the way for employers in the textile sector to avail of the income tax benefit on additional employment provided the employee has worked for 150 days and not 240 days as mandated earlier.

The enactment of the proposed Bill will enable the government to fix appropriate effective rate of customs duty on marble and granite blocks.

Replying to discussion, Finance Minister Arun Jaitley said, Indian garments are all summer garments and country is not an abundant exporter of woollen garments therefore nature of this trade is itself season. Mr Jaitley emphasized the need for government to give some tax incentives to Indian companies to help them to be competitive .

In June this year, Union Cabinet had approved a special package for employment generation and promotion of exports in textile and apparel sector.