Finance Minister Nirmala Sitharaman said in a big statement on Friday that no decision has been taken to increase the GST slab. She said that this matter is being discussed everywhere except for her office. This statement of the Finance Minister is very important because the increase in GST rates in various circles of media has come to light in the last few days. Sitharaman's statement has brought a big relief to the middle class of the country, who were worried about the increase in their monthly expenses due to the increase in the GST rate. Sitharaman said this at a press conference on Friday. She was accompanied by Minister of State for Finance Anurag Thakur and Chief Economic Advisor KR Subramaniam at this press conference. At the press conference, Chief Economic Advisor (CEA) K V Subramaniam said that the government has taken several steps to increase the growth of the economy. He further said that steps were taken to help NBFCs. Work was done to strengthen the market and foreign direct investment was encouraged and PSU banks were supported. Also, the tax sector has benefited from tax cuts.
Moody's and DBS cut off country's GDP growth estimates
Finance Minister Nirmala Sitharaman said:
- Will not comment on GDP growth yet
- The impact of corporate tax cuts will be known after Q3
- I will continue to solve the problems of the industry as and when required
- No discussion yet on increasing GST rate
- States have the right to collect GST dues
- Government is committed to repay GST arrears to states
- Government will take all necessary steps for growth
- Continuing work to strengthen the economy
At the press conference, V. Subramanyam of CEA said:
- Board formed to stop bank fraud
- System for settlement of PSU dues
- Paid Rs 61,000 crore for PSUs in two months
- Tax sector benefited from tax cuts
- 17 proposals worth Rs 7,657 crore approved in two days
- 76,000 crore credit guarantee for NBFC
Reduction in Petrol Price; know rates in metro cities
In the press conference, Revenue Secretary Ajay Bhushan Pandey said:
- Tax refunds up 20% so far in FY 2020
- Tax refund so far in FY 2020 at Rs 1.57 lakh crore
- IGST refund Rs 38988 crore in FY 2020
- More than 100 crore turnover required from April e-invoice
Earlier on December 13, the Finance Minister announced on Twitter that the Bharat Bond ETF has received 1.7 times subscription. She also said that India Bond ETF will be open for subscription till 20 December. On 12 December, the Finance Minister launched a bill to amend the Insolvency and Bankruptcy Code (IBC) in the Lok Sabha. On December 11, the Union Cabinet approved the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019.
