Lok Sabha passes the Finance Bill

Lok Sabha has passed the Finance Bill. 

The Government of India has made the Aadhaar card mandatory to file for Income Tax Returns (ITR) and also to apply for a permanent account number (PAN).

Finance Minister Arun Jaitley while speaking in Lok Sabha on Wednesday said that the government is linking Aadhaar card of individuals while filing Income Tax Returns (ITRs) to stop tax evasion.

ALSO READ: Aadhaar card to be mandatory for filing income tax returns, applying for PAN 

Jaitley said that Aadhaar could become single identity card for Indians adding further that misuse of Aadhaar is unlikely due to biometric details.

The move will come into place from July 1 and will be introduced through an amendment to the Finance Bill that is currently being discussed in Parliament which is in session.

He further said the government will bring a bill to amend Excise and Customs Act alongwith four bills on Goods and Services Tax (GST).

On the implementation of GST, he said the government will make all efforts to implement GST from July 1 this year.

ALSO READ: Cabinet clears four GST-related bills