Lok Sabha takes up Taxation Laws (Amendment) Bill

New Delhi: The Lok Sabha on Thursday took up the Taxation Laws (Amendment) Bill for discussion.

The bill, when passed, will amend the Customs Act, 1962; Customs Tariff Act, 1975; Central Excise Act, 1944; Finance Act, 2001; Finance Act, 2005; and repeal certain enactments.

Introducing the bill, Minister of State for Finance Santosh Gangwar urged the members to support it.

"The house has passed the four bills related to Goods and Services Tax (GST) and these are being discussed in the upper house. I hope it will be passed today (Thursday)," Gangwar said.

"After the GST Bills are passed by Parliament, central excise tax will be applicable to a few products only. This is the reason the amendments in taxation law have been necessitated," the minister added.

Congress leader Shashi Tharoor initiated the discussion on the bill.