New Delhi
There can be great relief on the GST front, we are not saying this, but Finance Minister Nirmala Sitharaman himself has indicated this. Speaking at an event held in Mumbai, the Finance Minister said that the GST rates will decrease even further after the completion of the process of rationalizing the tax slab. It is worth noting that a group of ministers formed in 2021 (GOM) on GST is said to be very close to decision. Meanwhile, these indications given by the Finance Minister are also going to increase the expectation of GST deduction.
‘It will be reduced even more…’
The report published on Business Today said that Finance Minister Nirmala Sitharaman while speaking at an award ceremony said that the Revenue Neutral Rate (RNR) has come down from 15.8% to 11.4% in 2023 in 2017. It is expected to reduce further. Meanwhile, Nirmala Sitharaman also gave signs of great tax relief in future and said that since the implementation of GST, there has been a big change in rates and further it will be reduced further. He emphasized that GOM has made significant progress on rationalizing GST and GST Council (GST council) is close to taking final decisions on major changes.
Finance Minister said- I took this work on myself
Nirmala Sitharaman said that GOM has done excellent work, but still I have taken the task of fully reviewing her findings before being presented to the GST Council. The process of creating tax slabs rational (Rationalization of Tax Slab) includes streamlining rates and resolving the important concerns of the industry.
Government decreasing in banks
The Finance Minister also reiterated the government’s commitment to reduce government share in public sector banks and encourage more and more retail investors. Nirmala Sitharaman, while speaking on the issue of non-banking finance companies (NBFCs) and micro-credit, said that some companies had given loans in a very aggressive manner, but they have been controlled by RBI’s intervention and the situation is being improved.
Finance Minister spoke openly on these issues
FM Nirmala Sitharaman also spoke openly on many other issues in the program. He emphasized its status as the world’s fastest growing major economy since FY 2021, expressing confidence in India’s strong economic growth. Between Tariff War, he said on the Indo-US Trade Agreement (India-Rus Trade Deal) that both sides go a target of mutually beneficial agreement.
