New Delhi4 minutes ago
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Finance Minister Nirmala Sitharaman has said that GST has not imposed tax on essential items. Before GST, states had their own systems like Value Added Tax (VAT) and Excise Duty.
Therefore, it is wrong to say that due to GST your soap, oil and comb are taxed. I can say with certainty that after GST the tax on all these products has reduced.
GST made taxation easier
GST unified different taxes, making taxation easier and uniform across the country. The Finance Minister said that many people do not want tax exemption, hence we introduced the system of easy taxation.
We want to do a lot but we also have limits
On Goods and Services Tax i.e. GST and its increasing burden on the middle class, Finance Minister Nirmala Sitharaman has said that her government has made many meaningful efforts to make the tax system fair and easy. In an interview he said, ‘We want to do a lot more for the people of the country. But we also have limits.
If I try to explain, people will say – How did the Finance Minister dare?
The Finance Minister said that to simplify the tax system, we brought a new tax regime. This makes taxation easier and taxpayers also get many types of exemptions. But it is difficult to explain this due to controversy and criticism. People will say how did the Finance Minister dare?
Minister understood GST after a long time, but lacked in understanding
In some states it was cheap to buy a car, while in others it was quite expensive. GST Council was formed for uniformity in tax. The ministers involved took a long time to understand this.
It is wrong to think that before GST all these products were tax free. Now tax is being imposed on them.
Pressure on government to reduce taxes in Budget 2025
These statements from the Finance Minister have come at a time when the budget for the financial year 2025-26 is about to come and the demand for tax cuts is gaining momentum. India’s economic growth rate declined to 5.4% in the July-September quarter, which is the lowest in the last two years. Whereas due to inflation, people are not left with disposable income i.e. money to spend.
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Tax exemption can be available on income up to ₹ 10.50 lakh: Announcement possible in Budget 2025-26, changes in old tax regime and capital gains tax also expected.
Narendra Modi government can provide relief to individual taxpayers in the budget for financial year 2025-26. According to a Reuters report, Modi 3.0 is considering cutting income tax rates for people earning Rs 10 lakh 50 thousand annually in his second budget.
Due to the general elections, two budgets, interim and full, were presented for the financial year 2024-25. In the July 2024 budget, Finance Minister Nirmala Sitharaman had increased the standard deduction for all taxpayers.
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