NEW DELHI: The Group of Ministers (GoM) on Saturday decided to exempt the Goods and Services Tax (GST) on term life insurance premiums and health cover premiums paid by senior citizens, according to news agency PTI citing official sources.“GoM members are broadly on board for cutting rates on insurance premiums. A final decision will be…
NEW DELHI: The ministerial panel on GST rate rationalisation is weighing lower rates for several mass-use items, including medicines and tractors, to 5%, while leaving the tax on products, such as cement, unchanged.Lower revenue from tractors, which currently face 12% or 28% GST depending on their classification, may partly be compensated by an increase in…
NEW DELHI: BJP on Saturday expelled a party functionary after a video of the owner of the popular Sri Annapoorna restaurant seeking an apology from Union finance minister Nirmala Sitharaman went viral on social media, triggering criticism from DMK and the Congress party.Srinivasan, the owner of Sri Annapoorna restaurant can be seen apologizing to Sitharaman…
NEW DELHI: New Delhi: GST Council, led by finance minister Nirmala Sitharaman, on Monday announced tax exemption for research funding for higher educational institutions and research centres established under central or state laws, as well as institutions that enjoy income tax exemption.At the meeting, the Centre proposed the change, which states accepted with West Bengal…
CHENNAI: Union finance minister Nirmala Sitharaman on Thursday defended the Modi govt’s record in sharing financial powers with the states by stating that it is respectful of the federal system. Speaking at an event at the Revenue Bar Association of Chennai, Sitharaman said the entire process of the implementation of the Goods and Services Tax…
NEW DELHI: It’s not good news for companies, such as Maruti Suzuki, Toyota and Honda. G20 Sherpa Amitabh Kant on Tuesday said that large duty deferential between electrics and hybrids should be maintained as the country should incentive zero-emission technologies to maintain the push towards green mobility.Speaking at an event organised by Mercedes-Benz Research and…
NEW DELHI: Hitting out at the Opposition over the demand for doing away with GST on health and life insurance, FM Nirmala Sitharaman on Wednesday said around three quarters of the revenue collected goes to the states and those who are protesting should take up the matter with their state finance ministers.“I want to raise…
Union finance minister Nirmala Sitharaman criticised the opposition for saying that the budget didn’t help the salaried and middle classes but only benefited the wealthy. She pointed out that the government has worked to make taxes simpler and lighter, especially during the Covid pandemic when no new taxes were added.She also criticised the opposition’s demand…
Infosys GST notice update: The Indian government has no plans to ease the Rs 32,000 crore ($4 billion) tax demand it issued to Infosys, a government source revealed to Reuters. The tax demand, which aligns with the country’s good and services tax regulations, was sent to the IT services company, which ranks as the second-largest…
NEW DELHI: Amid growing demand for a cut, if not removal, of GST on health and life insurance, government on Monday told Parliament that the levy fetched it Rs 21,256 crore during the last three financial years, with Rs 8,263 being collected during 2023-24.Responding to a Parliament question, junior minister for finance Pankaj Chaudhary said…
