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GST reforms not linked to Trump tariffs, clarifies Nirmala Sitharaman

Economic Times

Economic Times · 2m ago

GST reforms not linked to Trump tariffs, clarifies Nirmala Sitharaman

Finance Minister Nirmala Sitharaman clarified that the Goods and Services Tax (GST) reforms were not a reaction to US tariffs but were in development for over 1.5 years. Announced reductions and rationalization of GST slabs, especially for insurance premiums, were internally discussed long before the 2022 Union Budget. Despite speculation linking GST changes to Trump’s tariffs, Sitharaman emphasized ongoing efforts to improve tax efficiency and responded to states' revenue concerns without linking them to external economic pressures.

Related News

India moved to fewer GST slabs, but 'not yet' ready for one rate: FM Nirmala Sitharaman

Economic Times

Economic Times · 2m ago

India moved to fewer GST slabs, but 'not yet' ready for one rate: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman stated that India has rationalized GST slabs but is not yet ready for a single-rate GST system. The current GST structure consists of four rates: 5%, 12%, 18%, and 28%. These rates were determined through detailed alignment of diverse state-level taxes. The minister described ongoing reforms as part of “new generation GST reforms” aimed at simplifying the system, particularly benefiting the poor and middle class.

GST reforms are huge victory for each and every citizen of country: Nirmala Sitharaman

Economic Times

Economic Times · 2m ago

GST reforms are huge victory for each and every citizen of country: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman hailed GST reforms as a significant victory for Indian citizens at an event in Chennai. Implemented ahead of Diwali, the reforms reduce GST from 12% to 5% on 99% of goods, aiming to benefit daily life from morning till night. The latest reforms commenced on September 22, emphasizing broad tax reduction and initiatives to encourage economic growth in India.

Anand Mahindra calls for ‘more reforms to unleash consumption and investment’ after GST rate cuts

Economic Times

Economic Times · 2m ago

Anand Mahindra calls for ‘more reforms to unleash consumption and investment’ after GST rate cuts

Anand Mahindra, Chairman of Mahindra Group, advocates for more reforms beyond recent GST rate cuts to boost consumption and investment in India. After Finance Minister Nirmala Sitharaman announced changes lowering taxes on various items, Mahindra called for sustained reform momentum to strengthen the economy. He believes more reforms can expand the economy and enhance India's global influence, emphasizing the need for continuous action to achieve economic goals. Other industry leaders also praised the GST rationalization.

Consumers see savings as traders, insurers pass on GST benefits, says Finance Minister Nirmala Sitharaman

Economic Times

Economic Times · 2m ago

Consumers see savings as traders, insurers pass on GST benefits, says Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman reports the Bachat Utsav initiative is successfully passing GST rate cut benefits to consumers, evidenced by increased savings on essentials and insurance. The auto sector is experiencing record sales, with Maruti Suzuki reporting significant gains. Banking sector reforms have strengthened public sector banks, fostering competition and improved service.

Indians to soon have Rs 2 lakh crore more cash in hand from GST cuts: Nirmala Sitharaman

Economic Times

Economic Times · 2m ago

Indians to soon have Rs 2 lakh crore more cash in hand from GST cuts: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman announced significant GST reforms, reducing tax rates on most goods to 5%, projected to inject Rs 2 lakh crore into consumers' hands, enhancing liquidity and easing tax burdens. The changes target increased discretionary spending, benefiting the middle class and poor. The revamp aims to facilitate economic growth, with GST revenues projected to rise significantly from Rs 7.19 lakh crore in 2018 to Rs 22.08 lakh crore by 2025.

Shed hesitation, expand capacity: FM's message to India Inc

Economic Times

Economic Times · 2m ago

Shed hesitation, expand capacity: FM's message to India Inc

Finance Minister Nirmala Sitharaman urged Indian businesses to invest in capacity expansion, leveraging government reforms like GST rate rationalization. Speaking at an IFQM symposium, she emphasized the importance of a skilled workforce for economic growth and highlighted government efforts to enhance AI-driven skills through upgraded ITIs. Sitharaman also called for collaboration between the government, industry, and training institutions to ensure skilling programs meet industry needs. She stressed the pivotal role of MSMEs in India's economy.

New GST reforms set to inject Rs 2 Lakh Cr into economy: Finance minister Sitharaman

Economic Times

Economic Times · 2m ago

New GST reforms set to inject Rs 2 Lakh Cr into economy: Finance minister Sitharaman

Finance Minister Nirmala Sitharaman announced that new GST reforms will inject ₹2 lakh crore into the Indian economy. The reform shifts 99% of goods in the 12% GST slab to 5% and 90% of items from the 28% slab to 18%, increasing disposable income for consumers. Effective September 22, the simplified structure with two slabs, 5% and 18%, is intended to enhance consumer spending. The government is monitoring prices to ensure tax benefits are passed to consumers.

Additional electronics consumption of Rs 20 lakh crore expected this year due to GST reforms: Vaishnaw - The Economic Times

Economic Times

Economic Times · 1m ago

Additional electronics consumption of Rs 20 lakh crore expected this year due to GST reforms: Vaishnaw - The Economic Times

Union Electronics and IT Minister Ashwini Vaishnaw announced that additional electronics consumption worth Rs 20 lakh crore is anticipated this year due to recent GST reforms. Sales data indicate a 20-25% increase compared to the previous Navaratri, with items like 85-inch TVs selling out. This surge is boosting electronics manufacturing, which is growing at a double-digit CAGR, suggesting over 10% consumption growth this year. The announcement was made during a joint press conference with Finance Minister Nirmala Sitharaman.

Sitharaman's budget next month to lay out economic roadmap of Modi 3.0

YourStory

YourStory · 1y ago

Sitharaman's budget next month to lay out economic roadmap of Modi 3.0

Finance Minister Nirmala Sitharaman is expected to outline the Indian government's economic agenda in the upcoming annual budget presentation. With a focus on boosting growth and managing inflation, the agenda includes fast-tracking reforms to turn India into a $5 trillion economy and ensuring fiscal stability. The government aims to address challenges in the agriculture sector, create jobs, sustain capital expenditure, and increase revenue growth. The Reserve Bank of India has projected a 7.2% economic growth rate for the current fiscal year. The Modi government has received positive ratings for its economic policies, but faces challenges in areas such as non-tax revenue, strategic disinvestment, banking sector reforms, and tax rate rationalization for GST. Finance Minister Sitharaman is the first full-time woman finance minister in independent India.

Make GST registration easier using technology, risk-based parameters: FM Sitharaman to CBIC

Economic Times

Economic Times · 5m ago

Make GST registration easier using technology, risk-based parameters: FM Sitharaman to CBIC

Finance Minister Nirmala Sitharaman has directed the Central Board of Indirect Taxes and Customs (CBIC) to simplify GST registration using technology and risk-based parameters. During a conclave with senior CBIC officials, she emphasized improving GST registrations, processing refunds, and addressing grievances. Sitharaman highlighted the need for dedicated helpdesks and enhanced taxpayer trust through prompt grievance redressal. She also urged the expeditious processing of GST and Customs refunds and encouraged trade facilitation measures to improve administrative efficiency.

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