Home / Economy / Rajya Sabha approves Tax Amendment bill to end retrospective taxation

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was approved by Rajya Sabha on Monday amid continuous protests by the opposition.

Rajya Sabha on Monday took up The Taxation Laws (Amendment) Bill, 2021, with Opposition Congress, DMK and TMC staging a walkout, saying adequate time was not given to them to prepare for a discussion on the proposed legislation.

Now, after Rajya Sabha's approval on 'The Taxation Laws (Amendment) Bill, 2021' , all tax demands made on companies like Cairn Energy and Vodafone using a 2012 legislation on indirect transfer of Indian assets prior to May 28, 2012 will be withdrawn.

The money bill was passed by the lower house of the Parliament on Friday amid protests over alleged snooping through the Pegasus spyware and other issues.

The bill was listed in the supplementary agenda for the day.

When the House assembled at 3.30 pm after a brief adjournment, Leader of Opposition and Congress MP Mallikarjun Kharge protested against the taking up of the bill, saying the supplementary agenda was circulated at 2.15 pm.

He said the members of the House cannot do justice during the debate on ä bill which gets circulate only a few hours before being taken up.

"We cannot support such wrong practice. We are walking out," Kharge said.

Responding to this, Leader of the House and Union Minister Piyush Goyal said it was not the first time that a supplementary agenda was circulated.

He also said the Taxation Amendment Bill as well as The Central Universities (Amendment) Bill, 2021 (listed in supplementary agenda) were in national interest.

Sukhendu Sekhar Ray of the TMC and Tiruchi Siva of the DMK too joined the issue with Kharge, and their parties staged a walkout.

In the meanwhile, Finance Minister Nirmala Sitharaman moved The Taxation Laws (Amendment) Bill for consideration and return.

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