Finance Minister Arun jaitley today introduced taxation and Laws (amendment) Bill -2016 in the Lok Sabha. The bill introduced with aim to further amend the Income Tax Act 1961 and Custom tariff Act 1975.<br/><br/>The enactment of proposed bill to facilitate the splitting up or the reconstruction of erstwhile public sector companies and to give effect to the condition attached to the transfer of shares by the government. The enactment of the proposed Bill will enable the government to fix appropriate effective rate of customs duty on marble and granite blocks.