New delhi: Union Finance Minister Nirmala Sitharaman has said that goods and services tax (GST) Rates will be reduced further as the process of rationalizing tax Slabs is Nearing Complet. FM Sitharaman mentioned that Revenue Neutral Rate (RNR), which was 15.8 per cent when was inteced in July 2017, has now come down to 11.4 per cent in 2023 and will result.
Speaking at a media event in the National Capital, FM Sitharaman said that the work on simplifeing gst slabs is almost finished. The GST council, which is LED by the Finance Minister and Includes State Finance Ministers, is expected to take a final decision song.
“Now, at this stage, there is one more look that I would (take) the group (GOM) have done excellent work, but I still have taken it upon myself to, once more, completes each of the groups’ Probably take it to the council to see if we can come to a final conclusion on this, “The finance minister stated.
The gom was set up in September 2021 to sugges changes in GST Rates and Slabs. This committee consists of finance ministers from six states and have been working on making the tax system more efficient. The numbers of tax slabs, streamlining rates, and addressing key concerns raised by different industries.
The union minister is emphasized that a final review is underway before presenting the proposal at the next GST council meeting. “We’ll take it to the next council (meeting). We are very close to comeing to a final call on some of the very critical issues, Reduction, Rationalization of Rates, Looking at the Number of Slabs and So on, ”Fm Sitharaman said.
However, Congress has called for a complete overhaul of the gst system, saying that mere rate Reductions are not enough. Congress Leader Jairam Ramesh said that the government must focus on creating a simplified and less punitive gst system instem instem instem instead of just reduction tax rates on select items.
He pointed out that the party had proposed a “GST 2.0” in its 2024 Lok Sabha Election Manifesto, which aimed to make the tax system truly “good and simple.” The Congress, He Said, Remains Committed to this Vision. When asked about stock market valati, the finance minister attributed it to global uncertaintiies, include wars, displays in the red sea, and Piracy Charats.
FM Sitharaman said that predicting Absolute Stability in the Markets is Dificult Due to these unpredictable global factors. On the government’s plans for public sector banks, the union minister added that efforts are being made to increase public share.
The goal is to have more retail investors in public sector banks, which will enhance public participation in the banking sector. Regarding the India-Rus Trade Deal, The Finance MINISTER MENTIOND That Both Countries are Working towards a mutual benefit of benefit. FM Sitharaman also highlighted that India is actively engaged in negotiations with the european union and the uk, ensuring that National Interests Remain a Priority.