No GST On Bank Withdrawals, Says Finance Minister: 5 Points

No GST On Bank Withdrawals, Says Finance Minister: 5 Points
No GST On Bank Withdrawals, Says Finance Minister: 5 Points

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No GST on money withdrawals from banks, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman in Rajya Sabha stated that there can be no GST on withdrawal of cash from banks.

  1. There is not any GST on withdrawing cash from banks, Finance Minister Nirmala Sitharaman stated within the Rajya Sabha on Tuesday and GST is levied solely on shopping for a financial institution test guide from a printer, she added.

  2. All states within the GST Council have agreed to the proposal to levy 5 p.c GST on pre-packaged, labeled meals and nobody has spoken towards the proposal, the Finance Minister stated. He added that there isn’t any GST on hospital or ICU (intensive care unit) beds, and the tax is simply on rooms with Rs 5000 per day lease.

  3. Consumption of any meals by the poor isn’t taxed, Ms Sitharaman stated, explaining that the levy of 5 per cent GST is just for packaged and labeled objects and never these bought in unfastened portions. . Every state has taxed some or the opposite meals objects like cereal, pulses, curd, lassi, and buttermilk, stated the Finance Minister, defending the imposition of GST on meals objects. He added that there isn’t any GST on crematoriums, and there’s solely a tax on the development of a brand new crematorium.

  4. The Minister, responding to a debate on inflation within the Rajya Sabha, stated we’re at 7 per cent inflation charge now due to some efforts by the RBI and the federal government, pointing to runaway inflation in different international locations. He stated that we’re not saying that there isn’t any inflation, and nobody is denying about value rise.

  5. The authorities has adopted a focused method, based mostly on ground-level inputs, to sort out retail inflation, which is reigning at round 7 per cent, Ms Sitharaman stated in response to the worth hike debate. He stated India’s financial system is doing higher than the nation’s peer group and a few developed economies.

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