During the debate, Jagdambika Pal, a member of the ruling Bharatiya Janata Party (BJP), expressed his support for the Finance Bill, stating that it will help achieve the targets set in this year's budget to make India a developed nation. Pal emphasized that the present budget will simplify the country's taxation system and lauded the government's decision to abolish the Angel Tax, which he believes will provide significant relief to India's startup ecosystem. He further added that the government is working towards making the country the third-largest economy in the world.
On the other hand, Muhammed Hamdullah Sayeed of the opposition Congress party alleged that the government is giving more leverage to corporates, resulting in lower tax liabilities compared to the taxes paid by the general public. Sayeed urged the government to reconsider its decision related to the indexation issue.
The discussion on the Finance Bill, 2024 is currently underway in the Lok Sabha, with more members expected to participate in the debate before the Finance Minister's reply later today.
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