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No GST On Withdrawal Of Cash From Banks, Says Finance Minister: 5 Points


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

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

  1. There isn’t any GST on money withdrawal from banks, mentioned Finance Minister Nirmala Sitharaman within the Rajya Sabha on Tuesday and GST tax solely on financial institution buying cheque ebook 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 particular person spoke in opposition to that proposal, mentioned 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 lease.

  3. The consumption of any meals merchandise by the poor shouldn’t be taxed, mentioned Ms Sitharaman, explaining that the levy of 5 per cent GST was solely on pre-packed, labelled objects and never on these bought in free portions. Every state taxed some or the opposite meals objects similar to cereal, pulses, curd, lassi, and buttermilk, mentioned the Finance Minister, defending the levy of GST on meals objects. She added that there isn’t any 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, mentioned we’re at a 7 per cent inflation charge now due to some effort by the RBI and the federal government, referring to runaway inflation in different international locations. She mentioned we’re not saying there isn’t any inflation, and no one is in denial concerning the value rise.

  5. The authorities has adopted a focused strategy, primarily based on ground-level inputs, to deal with retail inflation, which is ruling at round 7 per cent, mentioned Ms Sitharaman in response to the controversy on value rise. She mentioned the Indian economic system is significantly better than the nation’s peer group and a few developed economies.



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