Union Finance Minister Nirmala Sitharaman on Monday tabled the Finance Bill 2026 in the Lok Sabha, a key step in giving legal effect to the Union Budget 2026–27 proposals.
Once passed, the bill will implement changes related to:
- Income tax rates
- Customs duties
- Excise duties
announced in the Union Budget.
Corporate Law (Amendment) Bill 2026 Introduced
The Finance Minister also introduced the Corporate Law (Amendment) Bill, 2026, which was approved by the lower House to be referred to a Joint Parliamentary Committee (JPC) for further examination.
The proposed legislation seeks to amend:
- The Limited Liability Partnership (LLP) Act, 2008
- The Companies Act, 2013
These laws govern corporate structure, governance, disclosures, and dissolution, while also providing flexibility to businesses through LLP frameworks.
Based on Company Law Committee Recommendations
Sitharaman stated that the amendment bill has been introduced after two years of extensive deliberations, incorporating recommendations of the Company Law Committee (CLC).
The 11-member CLC, constituted in September 2019, included notable members such as:
- T.K. Viswanathan
- Uday Kotak
- Shardul S. Shroff
- G. Ramaswamy
- Siddharth Birla
The committee submitted its final report to the government on March 21, 2022.
Wider Stakeholder Consultations Held
The recommendations were further reviewed through consultations with stakeholders, including a High-Level Committee on Non-Financial Regulatory Reforms (HLC-NFRR) chaired by Rajiv Gauba.
Parliament Session Resumes After Holidays
The second phase of the Budget Session resumed on Monday at 11 AM after holidays on account of Ugadi and Eid.
To compensate for the break, Parliament will also sit on March 28 and 29.
