9.1.3. Finance Bill

Similarly, the taxing proposals of the budget are provided for in another bill called the Annual Finance Bill. The Finance Bill is taken up for consideration and passing after the Appropriation Bill is passed. However, certain provisions in the Bill relating to levy and collection of fresh duties or variations in the existing duties come into effect immediately on the expiry of the day

on which the Bill is introduced by virtue of a declaration under the Provisional Collection of Taxes Act.

Each of these bills are then passed as a Money Bill and no amendment relating to varying the amount or altering its destination or varying the amount charged on the Consolidated Fund of India can be proposed. The Parliament has to pass the Finance Bill within 75 days of its introduction.