<h1>Finance Bill 2007 Passed: Tax Reforms, Increased Allocations for Key Sectors, and Measures to Curb Inflation Discussed.</h1> The Finance Bill, 2007, was passed by the Lok Sabha after a detailed discussion led by the Finance Minister. The bill focuses on tax laws, including the Income Tax Act, Excise Act, and Customs Act. Under the UPA Government, tax-to-GDP ratios increased significantly, with actual tax collections surpassing estimates. The bill outlines increased allocations for key sectors like agriculture, education, and defense. It introduces various tax exemptions and adjustments, such as raising the income tax threshold and revising excise duties. Measures to address inflation through fiscal, monetary, and supply-side policies were also discussed, alongside initiatives to boost agriculture and manage capital inflows.