&imwidth=800&imheight=600&format=webp&quality=medium "Did 'tariff turmoil' prompt Centre's mega GST reform? Nirmala Sitharaman's clarification")
Union Finance Minister Nirmala Sitharaman on Wednesday night clarifiedthat the Centre's Goods and Services Tax (GST) reform push wasn't linked to what she described as the “tariff turmoil”. The GST reform came weeks after Donald Trump imposed 50 per cent tariffs on Indian exports to the United States over New Delhi's oil and weapons trade with Russia.
What Nirmala Sitharaman said
Nirmala Sitharaman today announced the GST Council's decision to eliminate the 12 per cent and 28 per cent GST slabs. Most of the items in these two slabs will be put into the 5 per cent and 16 per cent slabs, she added.
The Finance Minister further said that the "tariff turmoil" didn't influence the GST reform. She said the Group of Ministers had been working on rate rationalising for several months.
"The tariff turmoil is not a matter that influenced the GST reform. Because we've been at it now for more than one and a half years. A group of ministers was working on rate rationalisation. Another group of ministers, a bit later, was working on insurance and related matters. And compensation cess was a reality – it is going to end the moment you pay back the loan. None of this has anything to do with the tariffs," she said at a press conference after the GST Council meeting.
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Donald Trump continues his tirade
Meanwhile, Donald Trump continued his tirade against India, saying secondary sanctions on India were a direct action against Russia.
Donald Trump further mentioned that these steps amounted to direct action against Russia, as they target its oil exports through major buyers.
"Would you say that putting secondary sanctions on India, the largest purchaser outside China, they are almost equal. Would you say there was no action? That cost hundreds of billions of dollars to Russia, you call that no action? I haven't done Phase-2 yet or Phase-3," Donald Trump told reporters.
Earlier this month, Donald Trump said India had offered him a no-tariff deal.