Page 20 - 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 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%

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

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 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

Here's how political leaders, India Inc reacted to new GST rate reforms

The next-generation GST reforms mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system, Mahindra Group CEO & MD Anish Shah said on Wednesday. Reacting to the GST Council's decision to overhaul the tangled Goods and Services Tax (GST), Shah said the Mahindra group views these reforms as transformative as it simplifies compliance, expands affordability, and energises consumption, while enabling industry to invest with greater confidence. "The next-generation GST reforms announced today mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system," he said in a statement. Shah further said by moving to a streamlined two-rate structure and focusing on essentials that touch the lives of every citizen- from food, health, and insurance to agriculture and small businesses - the government has "reaffirmed its commitment to ease of living and ease of doing business". "The rationalisation ...

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

Festival cheer: Two-rate GST structure approved; new rates from Sep 22

The GST Council has approved a simplified two-rate structure, cut tax on essentials and exempted life and health insurance premiums, though opposition states flagged revenue concerns

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

GST Council begins talks on two-rate structure, duty inversion fix

The 56th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on Wednesday started deliberations on 'next-gen GST' reforms, which will lower tax rates on items of mass consumption, remove duty inversion in sectors, like textiles, and ease compliance burden for MSMEs. 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. Also, a special 40 per cent tax has been proposed on a select few items, including tobacco and ultra-luxury goods. As per the sweeping rate change proposal put forth by the Centre and vetted by a group of state finance ministers, as many as 99 per cent of items in the 12 per cent category, such as butter, fruit juices and dry fruits, would move to a 5 per cent tax rate. Similarly, electronic items like ACs, TVs, fridges, and washing machines, as well as other goods like cement, will be .

Oppn-ruled states meet ahead of GST Council, seek revenue loss compensation

Finance ministers of opposition-ruled states on Wednesday met ahead of the crucial GST Council meeting, and decided to seek compensation for revenue loss incurred by all states following the implementation of GST rate rejig. Eight opposition-ruled states -- Himachal Pradesh, Jharkhand, Karnataka, Kerala, Punjab, Tamil Nadu, Telangana and West Bengal-- had met last week to decide on how their revenues could be protected once the 12 and 28 per cent slabs are removed. Jharkhand Finance Minister Radha Krishna Kishore said his state will suffer a Rs 2,000 crore revenue loss if the Centre's GST reform proposal of reducing the number of slabs is implemented. "If the Centre agrees to compensate us for whatever loss we would incur, turn we have no issues in approving the agenda before the Council. I don't think the issue will come up for voting, as in a federal structure, it is the responsibility of the Centre to compensate states for revenue loss," Kishore told reporters here after the ...

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

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

Next gen GST reforms will set economy open and transparent: Sitharaman

The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday . She was speaking at the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank, where President Droupadi Murmu was the chief guest. Sitharaman said Prime Minister Narendra Modi recently announced the creation of a Task Force for next generation reforms with a clearer mandate to simplify regulations, lower compliance costs and also build a more enabling ecosystems for startups, Micro, Small and Medium enterprises and entrepreneurs. "Complementing this, the planned roll out of the next generation GST reforms with the planned Council meeting tomorrow and day after, will set an economy absolutely open and transparent in the coming months and with further reduction in compliance burden, making it easier for small businesses to thrive" Sitharaman said.

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

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

FM Sitharaman meets Qatar trade minister to strengthen bilateral trade

Finance Minister Nirmala Sitharaman on Thursday met Minister of State for Foreign Trade Affairs of Qatar Ahmed bin Mohammed Al-Sayed and discussed bilateral trade and investment, among others. During the discussion, Sitharaman highlighted the transformative steps taken by India to attract foreign investments in the last decade. "Both the Ministers reiterated the commitment to enhance bilateral trade and investment relations under the 'strategic partnership' between India and Qatar," the finance ministry said in a post on X. The Qatari delegation conveyed that they see good opportunities for investments in India, given India's economic growth and technological development. Separately, Minister of State for Finance Pankaj Chaudhary participated in a bilateral meeting with Ahmad bin Mohammed Al-Sayed, Minister of State for Foreign Trade of the State of Qatar, and his accompanying delegation. "This historic bilateral engagement witnessed in-depth discussions aimed at opening new avenu

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

FM Sitharaman briefs GST GoMs on need for sweeping tax reforms

Finance Minister Nirmala Sitharaman on Wednesday presented to GoMs from states her government's plans for sweeping reforms in the GST regime that involves slashing tax rates and easing compliance burden for businesses. The 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. A special 40 per cent rate has been proposed on 5-7 items, including sin goods. GST is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent rate, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. The finance minister's address to the GoMs was for about 20 minutes during which she elaborated on the Centre's proposal, a source said. She explained the necessity for GST reforms to the states, the source added. The group of ministers (GoM) on compensation cess was set up to decide on the ..