New Delhi, 06 August (H.S.):
The Lok Sabha on Thursday passed the Taxation and Other Laws (Amendment) Bill, 2026, by a voice vote amid continuous protests and sloganeering by Opposition members. The House rejected the proposed amendments to the Bill.
The Bill, which was passed without any discussion in the Lok Sabha, seeks to amend the Payment and Settlement Systems Act, 2007, potentially allowing the implementation of Merchant Discount Rate (MDR) on Unified Payments Interface (UPI) transactions.
Apart from changes to the Act, the Bill also proposes amendments to the Finance Act, 2026, and the Income Tax Act, 2025. It further seeks to repeal an ordinance issued in June to provide tax relief to foreign investors.
Union Finance Minister Nirmala Sitharaman had introduced the Taxation and Other Laws (Amendment) Bill, 2026, in the Lok Sabha on Tuesday. While presenting the Bill, Sitharaman said the proposed legislation aims to bring significant changes to the country’s taxation framework.
The Finance Minister said the objective of the Bill is to promote manufacturing, attract foreign investment, and support emerging sectors such as electronics manufacturing and digital infrastructure.
She added that the legislation aims to simplify fund management regulations, enhance tax incentives, and provide exemptions to certain foreign entities.
---------------
Hindusthan Samachar / Jun Sarkar
