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No GST On Withdrawal Of Money From Banks, Says Finance Minister: 5 Factors


There isn’t any GST on withdrawal of money from banks, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman within the Rajya Sabha stated there isn’t a GST on withdrawal of money from banks.

  1. There isn’t any GST on money withdrawal from banks, stated Finance Minister Nirmala Sitharaman within the Rajya Sabha on Tuesday and GST tax solely on financial institution buying cheque guide from printer, she added.

  2. All states on the GST Council agreed to the proposal to levy 5 per cent GST on pre-packed, labelled meals objects and never one individual spoke in opposition to that proposal, stated the Finance Minister. She added there was no GST on hospital beds or ICU (intensive care unit), and the tax was solely on rooms with Rs 5000 per day hire.

  3. The consumption of any meals merchandise by the poor will not be taxed, stated Ms Sitharaman, explaining that the levy of 5 per cent GST was solely on pre-packed, labelled objects and never on these offered in unfastened portions. Each state taxed some or the opposite meals objects resembling cereal, pulses, curd, lassi, and buttermilk, stated the Finance Minister, defending the levy of GST on meals objects. She added that there isn’t a GST on crematoriums, and there’s a tax solely on the development of a brand new crematorium.

  4. The Minister, replying to a debate on inflation within the Rajya Sabha, stated we’re at a 7 per cent inflation fee now due to some effort by the RBI and the federal government, referring to runaway inflation in different international locations. She stated we’re not saying there isn’t a inflation, and no person is in denial concerning the worth rise.

  5. The federal government has adopted a focused method, primarily based on ground-level inputs, to deal with retail inflation, which is ruling at round 7 per cent, stated Ms Sitharaman in response to the talk on worth rise. She stated the Indian financial system is a lot better than the nation’s peer group and a few developed economies.

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