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Why are there 2 finance bills for the year 2019?

Abraham (Articled Assistant) (7 Points)

29 October 2019

For the year 2019, there are two finance bills, namely

The finance (No.1) bill 2019 and

The finance (No.2) bill 2019

What is the difference?

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pd23071997 (None) (388 Points)
Replied 29 October 2019

First one was enacted before election as interim budget. The interim budget 2019 finance bill has been assented to by the President on February 21 thereby making it an Act. This means that the proposals in the Finance bill 2019 including the tax changes became law. (resented by then FM Shri Arun Jaitley Ji)

After the election newly appointed FM Nirmala Sitaraman Ji On 5 July 2019, presented the. Finance (No. 2) Bill, 2019 (the Bill). On 18 July, the Lok. Sabha has passed the bill and received the assent of the President on the 1st August, 2019.