Page 37 - Nirmala Sitharaman

54th GST Council meet: New GoM to look into rate on life, health insurance

GST Council headed by Union Finance Minister Nirmala Sitharaman on Monday decided to set up a Group of Ministers (GoM) on reducing tax rate on life and health insurance and cut GST on cancer drugs and namkeens. Briefing reporters on the outcome of the 54th GST Council meeting, Sitharaman said it has decided to have a Group of Ministers (GoM) to look into the GST rate on life and health insurance. The GoM will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation. Sitharaman said that new members would be joining the GoM to look into GST on health insurance. The GoM will be submitting its report by October end, she said. The issue of taxation of insurance premiums had figured in Parliament discussions with Opposition members demanding that health and life insurance premiums be exempt from the GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Sitharaman in her reply to a discussion on the

Will oppose GST on online transactions under 2000, research grants: Atishi

Delhi Finance Minister Atishi on Monday said they will oppose the Centre's proposal to impose GST on online transactions under Rs 2,000 as it would put a burden on start-ups. Atishi also reiterated that at the GST Council Meeting on Monday they would oppose imposition of GST on research grants procured by educational institutions. "There are many important issues that will come up in GST Council meeting. The first and most important is GST on research grants. Show cause notices have been sent to big educational institutes including IIT Delhi and Punjab University. It is wrong. Research is an investment in development of the country," she told PTI Videos. The Centre is not only decreasing research grants but also levying GST if educational institutions procure these grants, she said. The minister said online payments up to Rs 2,000 were exempted from GST but now there are talks that there will be a GST on online payments done through payment gateways. "This will create a burden on

GST Council set to meet today, talks on rate rationalisation to kick off

GST Council Meet: The Goods and Services Tax (GST) Council is expected to deliberate on a host of issues on Monday, including the taxation of insurance premiums and rate rationalisation

GST Council to deliberate on taxation of insurance premium, online gaming

The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on health insurance from the current 18 per cent or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on life insurance premium. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health insurance premium, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance .

Raipur BJP MP seeks govt intervention for rollback of hike in cement prices

Raipur BJP MP Brijmohan Agrawal has raised objection over the "steep" hike in cement prices by its manufacturers and demanded intervention of the Chhattisgarh government and the Centre for a rollback of the increased cost. Agrawal said the sudden increase in the cement prices by Rs 50 per sack would affect infrastructure projects, including roads, buildings, bridges, schools, colleges and the Pradhan Mantri Awas Yojana. In separate letters to Chief Minister Vishnu Deo Sai, Union Finance Minister Nirmala Sitharaman and the Competition Commission of India on September 6, Agrawal said despite Chhattisgarh being a state rich in minerals, iron, coal and energy resources, the cement manufacturers, by forming a cartel, tremendously increased the prices from September 3. The attitude of cement companies has become that of "looting" the innocent people of Chhattisgarh, he said, adding the government needs to take strict action against cement manufacturers. Mines, coal, energy, cheap ...

FM Sitharaman denies 'friction' in Centre-State ties over GST reform

Union Finance Minister Nirmala Sitharaman on Thursday denied any "friction" in the ties between the Centre and States over Goods and Services Tax and emphasised that the federal structure in this economic reform should be respected. Simplifying and easing compliance on the tax payers received top priority rather than raising revenue during all consultative meetings on the union Budget, she said. "Revenue is the last consideration with which every budget meeting happens. You may think that I am not telling the truth. The hard truth I would like to put before you. Yes, we like to raise revenue. During several consultations including those with Prime Minister Narendra Modi, revenue raising came last. But, simplifying, easing and compliance of taxpayers came first," Sitharaman said. Addressing a meeting on "The Finance Minister's Insight: Path Forward" held under the aegis of the Revenue Bar Association here, she said the average Goods and Services Tax (GST) rate decreased to 12.2 per .

To boost capex, FinMin relaxes norms for expenditure exceeding Rs 500 cr

The finance ministry has relaxed norms for expenditure exceeding Rs 500 crore to accelerate capex (capital expenditure) that is pegged at Rs 11.11 lakh crore for the current fiscal. This will give a push to government spending which suffered a slowdown for a couple of months due to general elections. Finance Minister Nirmala Sitharaman in the Budget proposed to raise the capital expenditure target by 11.1 per cent to record Rs 11.11 lakh crore for 2024-25. To provide requisite operational flexibility in the execution of the Budget, it has been decided to relax rules for big releases above Rs 500 crore for all items of expenditure in the current financial year, an office memorandum dated September 2, 2024, said. The relaxation permitted is subject to strict compliance by all ministries and departments, it said. All expenditures should be in compliance of the guidelines of the Single Nodal Agency (SNA)/Central Nodal Agency (CNA) and Monthly Expenditure Plan (MEP) and Quarterly ...

FM Sitharaman meets road, telecom ministries to review budgeted capex plans

This was the first, in a series of meetings by the FM, to take stock of the progress being made by ministries with significant capital outlays in the coming days, the press statement added

FM Nirmala Sitharaman approves 'Navratna' status for four CPSEs

The Department of Public Enterprises (DPE) in its statement said that Rail Ministry India CPSE had an annual turnover of Rs 2,622 crore and a net profit of Rs 246 crore for FY 2023-24

PMJDY integrates poor into economic mainstream, says FM Nirmala Sitharaman

Pradhan Mantri Jan Dhan Yojana (PMJDY), the largest financial inclusion initiative in the world, integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities, Finance Minister Nirmala Sitharaman said on Wednesday. PMJDY, the national mission for financial inclusion, which completed a decade of successful implementation continuously endeavours to provide support to the marginalised and economically backward sections through its financial inclusion interventions. In her message on the 10th anniversary of PMJDY, Sitharaman said, "universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities." By providing universal, affordable, and formal financial services including bank accounts, small savings schemes, insurance, and credit to the previously

Jan Dhan Yojana turns 10: PM Modi hails financial inclusion success

Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people', said Prime Minister Narendra Modi

Will open 30 million Jan-Dhan accounts this FY, says FM Sitharaman

The average balance per account has increased from Rs 1,065 in March 2015 to Rs 4,352 as of August 16, 2024. Roughly 80 per cent of these accounts are currently active

No NPS rollback; UPS an attempt to improve it: FM Nirmala Sitharaman

'Fresh scheme not compulsory for states'

GST Council meet to discuss rate rationalisation on Sep 9, says FM

Finance Minister Nirmala Sitharaman on Tuesday said the GST council next month will discuss rationalisation of tax rates but a final decision on tweaking taxes and slabs will be taken later. She also said that compensation cess on luxury and sin goods are also going to be discussed and can come up in the September 9 meeting or later. The Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary met last week and broadly converged on retaining slabs under the Goods and Services Tax (GST) unchanged at 5, 12, 18 and 28 per cent. The panel also tasked the fitment committee -- a group of tax officers -- to analyse the implication of tinkering rates on some items and present them before the GST council. "The upcoming GST Council meeting will take up the issue of rate rationalisation. There will be a discussion on the issue. Committee of officers will make a presentation on rate rationalisation," Sitharaman told reporters here. However, a final .

India, Singapore commit to boost cooperation in emerging, futuristic areas

India and Singapore on Monday pledged to further enhance co-operation in the emerging and futuristic areas. The Indian delegation led by Finance Minister Nirmala Sitharaman deliberated upon six pillars identified under India-Singapore Ministerial Roundtable (ISMR). Deputy Prime Minister Gan Kim Yong led the delegation of Singapore during the second ISMR. "During the meeting, the leaders emphasised on ways of further enhancing co-operation between India and Singapore in emerging and futuristic areas. Both sides deliberated upon six pillars identified under ISMR, which include Digitalisation, Skill Development, Sustainability, Healthcare & Medicine, and Advanced Manufacturing and Connectivity," the finance ministry said in post on X. The leaders also discussed plans for commemorating the 60th Anniversary of diplomatic relations between India and Singapore, alongside regional and global cooperation, including ASEAN & G20 developments, it said. The leaders noted that the ...

Indian ISMR delegation calls on Singapore Prez, PM, discuss bilateral ties

External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Railway Minister Ashwini Vaishnaw on Monday called on Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong and discussed ways to further take forward the bilateral strategic partnership. The four ministers are here for the second India-Singapore Ministerial Roundtable (ISMR) to be held on Monday to discuss bilateral cooperation and exchange views on issues of mutual interests. "Honoured to jointly call on President @Tharman_S of Singapore. Conveyed the warm greetings of President Droupadi Murmu and Prime Minister @narendramodi. Value his guidance on ways to further take forward the India-Singapore Strategic Partnership," Jaishankar said in a post on X after the meeting. They also met Prime Minister Wong. "Delighted to call on Prime Minister @LawrenceWongST of Singapore today morning along with my colleagues @nsitharaman, @PiyushGoyal and ...

FM Sitharaman, Goyal to attend India-Singapore ministerial meet on Monday

ISMR is a mechanism established to set a new agenda for India-Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022

TMC's O'Brien urges Sitharaman to withdraw 18% GST on insurance premiums

TMC leader Derek O'Brien has urged Finance Minister Nirmala Sitharaman to "urgently review" and withdraw the 18 per cent GST on health and life insurance premiums during the upcoming GST Council meeting. O'Brien, in a letter dated August 24, demanded that the GST on health and life insurance premiums be withdrawn at the 54th meeting of the GST Council. "The 18 per cent Goods and Services Tax (GST) on health and life insurance premiums is a burden on 45 crore Indians comprising the middle-class," said O'Brien, the Trinamool Congress' (TMC) leader in the Rajya Sabha. "These insurance schemes provide financial security during times of distress, may it be an illness, accident, or untimely death. It is our collective responsibility to ensure that all sections of society are able to afford this crucial social safety net," he said. O'Brien also expressed fear that levying a high GST rate on health and life insurance might lead to many citizens not opting for insurance schemes or even ...

Four union ministers to attend India-Singapore ministerial meet on Aug 26

Four union ministers - Nirmala Sitharaman, Piyush Goyal, S Jaishankar and Ashwini Vaishnaw, will attend the India-Singapore ministerial meet on Monday with a view to further strengthen trade and economic ties between the two countries. The commerce and industry ministry on Sunday said the India-Singapore Ministerial Roundtable (ISMR) is scheduled to take place in Singapore on August 26. Goyal will engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum. The minister will explore strategies to bolster bilateral trade and investment, capitalising on India's burgeoning market opportunities and its dynamic growth trajectory, it said. "Commerce and Industry Piyush Goyal will participate in the second ISMR along with Finance Minister Nirmala Sitharaman, External Affairs Minister Subrahmanyam Jaishankar and Minister for Railways, Information and Broadcasting, and Electronics and Information Technolo

FM tells officers to effectively implement GST, keep positive attitude

The goods and services tax (GST) should be implemented effectively and officers should keep their attitude towards taxpayers positive, Union Finance Minister Nirmala Sitharaman said here on Friday. Speaking at the inauguration of the newly constructed GST Bhawan at Hiran Magri in Udaipur, Sitharaman said, "GST offices are being made convenient since 2019... This will help taxpayers to easily get their problems resolved." Calling for a "positive atmosphere" between the officer and taxpayers, the FM said, "Officers should keep their attitude positive towards the taxpayer so that there is no need to take harsh steps." "In the GST Council, too, officers and ministers are solving problems immediately," she said. The problems of taxpayers should be resolved immediately so that doubts do not turn into problems, she said. "GST officers should have such a mindset that they are ready to help the taxpayers, which will boost business," he said. The finance minister also pointed out that the