Page 15 - Latest Updates on Nirmala Sitharaman
GST revamp may trim revenue but fiscal impact limited, says BofA Securities
GST Council approves two-slab system from September 22; BofA Securities says impact on GDP and government finances will be small, while consumption may get a boost
 "GST revamp may trim revenue but fiscal impact limited, says BofA Securities")
GST on lifesaving drugs reduced to nil: Check full list of tax on medicines
GST Council meet outcome: GST on various medical apparatus and devices used for medical, surgical, dental or veterinary usage has been reduced to 5% from 12%
 "GST on lifesaving drugs reduced to nil: Check full list of tax on medicines")
Farm machinery, tractors, fertilisers now attract 5% GST: Check full list
GST Council meet: GST on farm machinery, tractors, fertilisers and other agri items cut to 5 per cent from higher rates, giving relief to farmers
 "Farm machinery, tractors, fertilisers now attract 5% GST: Check full list")
GST Council clears 2-slab system: Full list of items under 5% and nil rates
Under the two-slab system, the GST Council has scrapping 12 per cent and 28 per cent rates. Now, essential items like food, medicines, and books fall under zero and 5 per cent rates
 "GST Council clears 2-slab system: Full list of items under 5% and nil rates")
GST Council fast-tracks refunds under inverted duty structure: What to know
From Nov 1, firms facing an IDS will get 90% refunds upfront. Here's all you need to know about inverted duty structure & changes made during the 56th GST Council meet
 "GST Council fast-tracks refunds under inverted duty structure: What to know")
Here's how political leaders, India Inc reacted to new GST rate reforms
Nirmala Sitharaman announces sweeping GST rationalisation, hailed as a Diwali gift. Industry and political leaders call the move historic, with praise for easing costs and boosting growth
 "Here's how political leaders, India Inc reacted to new GST rate reforms")
Chidambaram welcomes new GST reforms but says move is '8 years too late'
In a post on X late Wednesday, the former Union finance minister said the current GST design and rates should not have been introduced in the first place
 "Chidambaram welcomes new GST reforms but says move is '8 years too late'")
Festival cheer: Two-rate GST structure approved; new rates from Sep 22
New tax slabs of 5% & 18%; 40% levy on sin & super luxury goods; Personal health, life insurance policies exempted
 "Festival cheer: Two-rate GST structure approved; new rates from Sep 22")
Two-rate GST structure approved; new rates to kick-in from Sept 22: FM
GST on buses, trucks, and ambulances has been reduced to 18% from 28%. Uniform rate of 18% on all auto parts has been decided
 "Two-rate GST structure approved; new rates to kick-in from Sept 22: FM")
GST Council begins talks on two-rate structure, duty inversion fix
The Council, over the next two days, will discuss reducing the number of slabs in GST to just two -- 5 per cent and 18 per cent -- and removing the 12 per cent and 28 per cent slabs
Oppn-ruled states meet ahead of GST Council, seek revenue loss compensation
The 56th GST Council, chaired by FM Nirmala Sitharaman, will discuss the Centre's plan to simplify GST by merging 12% and 28% slabs into two rates of 5% and 18% over the next two days
 "Oppn-ruled states meet ahead of GST Council, seek revenue loss compensation")
Sitharaman meets Singapore PM, discusses boosting strategic partnership
Ministry of Finance stated that the discussion centred on enhancing cooperation in critical areas, including trade and investment, fintech, skill development
 "Sitharaman meets Singapore PM, discusses boosting strategic partnership")
Rollout of GST reforms to bring transparent economy: FM Sitharaman
The 56th GST Council meeting, scheduled for September 3-4 in New Delhi, is set to discuss one of the biggest tax overhauls since the GST regime was rolled out in 2017
 "Rollout of GST reforms to bring transparent economy: FM Sitharaman")
Next gen GST reforms will set economy open and transparent: Sitharaman
Sitharaman urged banks to boost credit, support infrastructure, fund MSMEs, bring the unbanked into formal banking, and meet diverse financial needs for Viksit Bharat 2047
Prebudget meetings for FY27 to start on October 9, Finance Ministry says
The Finance Ministry issued the Budget circular for FY27 announcing prebudget meetings from October 9 to mid-November to review expenditure needs and receipts of ministries
 "Prebudget meetings for FY27 to start on October 9, Finance Ministry says")
Artisans, weavers bodies urge Centre to scrap GST on textiles, handicrafts
Artisans and weavers seek zero GST on handlooms and handicrafts citing sectoral distress, while the fertiliser industry urges GST rate cut on inputs and refund of blocked tax credits
 "Artisans, weavers bodies urge Centre to scrap GST on textiles, handicrafts")
FM Sitharaman meets Qatar trade minister to strengthen bilateral trade
During the discussion, Sitharaman highlighted the transformative steps taken by India to attract foreign investments in the last decade
 "FM Sitharaman meets Qatar trade minister to strengthen bilateral trade")
More than 560 mn Jan Dhan accounts opened in last 11 years: Sitharaman
She stated that PMJDY has been one of the major channels for delivering benefits under various schemes
Nuclear energy can help power India's economic growth, private push welcome
For decades, state control was justified by concerns over radiation safety, misuse of nuclear material, and strategic security
 "Nuclear energy can help power India's economic growth, private push welcome")
FM Sitharaman briefs GST GoMs on need for sweeping tax reforms
GoMs on rate rationalisation, insurance taxation and compensation cess will over two days deliberate on the Centre's 'next-gen' GST reforms under which tax will be levied at 5 and 18 per cent rates