Union Finance Minister Nirmala Sitharaman on Wednesday night clarified&nbsp;that 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.<h2>What Nirmala Sitharaman said</h2>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.&nbsp;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.&nbsp;"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.&nbsp;<a href="https://www.wionews.com/india-news/gst-reforms-approved-what-gets-cheaper-and-costlier-from-september-22-1756918983245">Also read: GST Reforms approved: What gets cheaper and costlier from September 22 - FULL LIST here</a><h2>Donald Trump continues his tirade</h2>Meanwhile, Donald Trump continued his tirade against India, saying secondary sanctions on India were a direct action against Russia.&nbsp;Donald Trump further mentioned that these steps amounted to direct action against Russia, as they target its oil exports through major buyers.&nbsp;"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.&nbsp;Earlier this month, Donald Trump said India had offered him a no-tariff deal.

Union Finance Minister Nirmala Sitharaman on Wednesday night clarified that the Centre's Goods and Services Tax (GST) reform push wasn't linked to what she described as the “tariff turmoil”. 

Union Finance Minister Nirmala Sitharaman on Wednesday night clarified that 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. Also read: GST Reforms approved: What gets cheaper and costlier from September 22 - FULL LIST here 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.

GST reform: US President Donald Trump has imposed tariffs on India for buying Russian oil and weapons. Nirmala Sitharaman said that the reforms were being planned for several months.&nbsp;

Did 'tariff turmoil' prompt Centre's mega GST reform? Nirmala Sitharaman's clarification

Finance Minister Nirmala Sitharaman has announced a major GST rate cut, approving a two-tier structure of 5% and 18%. The reform, set to be implemented from September 22, is aimed at easing the tax burden on the common man.


Breaking: Indian government announces major tax cuts, goods get cheaper before Diwali 

Finance Minister Nirmala Sitharaman on Wednesday night announced that the GST Council has approved the Centre's proposal for GST rationalisation, wherein the 12 per cent and 28 per cent slabs are eliminated and subsumed into the 5 per cent and 18 per cent slabs. The panel has also approved a 40 per cent slab for sin goods. The new rates will be implemented from September 22, the first day of Navratri. Most of the goods and services in the eliminated slabs will get cheaper, including cars.<h2>How much cheaper will cars get?</h2>According to the central government, the GST rate on small cars will be reduced from 28 per cent to 18 per cent. For GST, small cars are defined as those LPG, petrol, and CNG cars with an engine capacity up to 1200 cc and a length under 4000 mm.&nbsp;&nbsp;Diesel cars with engine capacity up to 1500 cc and length not more than 4000 mm are also considered small.&nbsp;The GST rate on all mid-size and large cars -- vehicles exceeding 1500 cc or length exceeding 4000 mm – will be 40%.&nbsp;&nbsp;Further, motor vehicles in the category of Utility Vehicles, by whatever name called including Sports Utility Vehicles (SUV), Multi Utility Vehicles (MUV), Multi-purpose Vehicles (MPV) or Cross-Over Utility Vehicles (XUV), with an engine capacity exceeding 1500 cc, length exceeding 4000 mm, and ground clearance of 170 mm and above, will also attract a GST rate of 40% without any cess.<h2>What did Nirmala Sitharaman say on GST?</h2>Nirmala Sitharaman said that the reforms focus on the interests of the common man. She said the reforms will directly benefit labour-intensive industries.&nbsp;"We have corrected inverted duty structure problems, we've resolved classification-related issues, and we've ensured that there will be stability and predictability about the GST. We've reduced the slabs. There shall be only two slabs, and we are also addressing the issues of compensation, ease of living, simplifying registration, return filing, and refunds," she added.&nbsp;Daily-use items like hair oil, toilet soap, soap bars, shampoos, toothbrushes, toothpaste, bicycles, tableware, kitchenware, and other household articles have been placed under the 5 per cent slab.&nbsp;&nbsp;Items on which GST has been reduced to zero from 5% include ultra-high temperature milk, chena, and paneer. All Indian breads will be available at a nil rate. So roti or paratha or whatever it is, they all come to nil.&nbsp;GST has also been reduced from 28 per cent to 18 per cent on air conditioners and dishwashers.&nbsp;The GST Council has also approved a 40 per cent tax on betting, casinos, and horse racing. Sports events like IPL will also attract 40 per cent GST.

Two GST slabs eliminated: Nirmala Sitharaman said that the reforms focus on the interests of the common man.

Finance Minister Nirmala Sitharaman on Wednesday night announced that the GST Council has approved the Centre's proposal for GST rationalisation, wherein the 12 per cent and 28 per cent slabs are eliminated and subsumed into the 5 per cent and 18 per cent slabs. The panel has also approved a 40 per cent slab for sin goods. The new rates will be implemented from September 22, the first day of Navratri. Most of the goods and services in the eliminated slabs will get cheaper, including cars. How much cheaper will cars get? According to the central government, the GST rate on small cars will be reduced from 28 per cent to 18 per cent. For GST, small cars are defined as those LPG, petrol, and CNG cars with an engine capacity up to 1200 cc and a length under 4000 mm. Diesel cars with engine capacity up to 1500 cc and length not more than 4000 mm are also considered small. The GST rate on all mid-size and large cars -- vehicles exceeding 1500 cc or length exceeding 4000 mm – will be 40%. Further, motor vehicles in the category of Utility Vehicles, by whatever name called including Sports Utility Vehicles (SUV), Multi Utility Vehicles (MUV), Multi-purpose Vehicles (MPV) or Cross-Over Utility Vehicles (XUV), with an engine capacity exceeding 1500 cc, length exceeding 4000 mm, and ground clearance of 170 mm and above, will also attract a GST rate of 40% without any cess. What did Nirmala Sitharaman say on GST? Nirmala Sitharaman said that the reforms focus on the interests of the common man. She said the reforms will directly benefit labour-intensive industries. "We have corrected inverted duty structure problems, we've resolved classification-related issues, and we've ensured that there will be stability and predictability about the GST. We've reduced the slabs. There shall be only two slabs, and we are also addressing the issues of compensation, ease of living, simplifying registration, return filing, and refunds," she added. Daily-use items like hair oil, toilet soap, soap bars, shampoos, toothbrushes, toothpaste, bicycles, tableware, kitchenware, and other household articles have been placed under the 5 per cent slab. Items on which GST has been reduced to zero from 5% include ultra-high temperature milk, chena, and paneer. All Indian breads will be available at a nil rate. So roti or paratha or whatever it is, they all come to nil. GST has also been reduced from 28 per cent to 18 per cent on air conditioners and dishwashers. The GST Council has also approved a 40 per cent tax on betting, casinos, and horse racing. Sports events like IPL will also attract 40 per cent GST.

Two GST slabs eliminated: Nirmala Sitharaman said that the reforms focus on the interests of the common man.&nbsp;

GST rates: How much tax will small cars, SUVs with over '170 mm' ground clearance attract?

The GST Council on Wednesday (September 3) approved a new 40% tax slab for luxury and sin goods, introducing a major shift in India’s indirect tax framework. While the rollout date for this highest slab will be notified later, the simplified two-rate system of 5% and 18% will be enforced starting September 22. The 40% slab is meant to eventually replace the current cess mechanism and will apply to products such as paan masala, cigarettes, gutka, chewing tobacco, zarda, unmanufactured tobacco, and bidis. It will also cover premium items like large cars and high-end consumer goods.<h2>Watch the video here</h2>

<blockquote class="twitter-tweet" data-media-max-width="560"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: After the 56th GST Council meeting, Union Finance Minister Nirmala Sitharaman says, &quot;There is a special rate which is 40%. Almost all goods are between 18% and 5%. There is one special rate which is only for sin and super luxury goods. That special rate of 40% has… <a href="https://t.co/nFZZMhbfVi">pic.twitter.com/nFZZMhbfVi</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1963286413241094530?ref_src=twsrc%5Etfw">September 3, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Finance Minister Nirmala Sitharaman, while announcing sweeping rate cuts, said the new structure is aimed at reducing the tax load on ordinary households. “The 40% rate is confined to tobacco-based products and certain high-sugar and carbonated beverages, including caffeinated and fruit-based fizzy drinks. Everything else will fit into the two main slabs of 5% and 18%,” she explained.&nbsp;She clarified that the existing 28% slab along with the compensation cess will remain until repayment of pending GST loans, after which those categories will be subsumed into the new 40% band. With this rationalisation, the GST system now rests on three broad slabs—5%, 18%, and 40%, effectively scrapping the earlier 12% and 28% categories. Essential items such as food and textiles will be taxed at a uniform 5%, while consumer durables including refrigerators, large-screen televisions, and air-conditioners will be brought under the 18% bracket, reducing their overall tax burden.&nbsp;Meanwhile, the Union Finance Minister Nirmala Sitharaman also lashed out at the Opposition. She said, “Congress could not implement it during its tenure. It was implemented under PM Modi's leadership and reforms are also being done. Congress should make up its mind whether to support him or not. People will not be misled by you today. People will give you an answer.”

GST 2.0: Finance minister Nirmala Sitharaman announces new slab of 40% for sin, luxury goods

The GST Council on Wednesday (September 3) approved a new 40% tax slab for luxury and sin goods, introducing a major shift in India’s indirect tax framework. While the rollout date for this highest slab will be notified later, the simplified two-rate system of 5% and 18% will be enforced starting September 22. The 40% slab is meant to eventually replace the current cess mechanism and will apply to products such as paan masala, cigarettes, gutka, chewing tobacco, zarda, unmanufactured tobacco, and bidis. It will also cover premium items like large cars and high-end consumer goods. Watch the video here

Union Finance Minister Nirmala Sitharaman on Wednesday (September 3) also announced that the new two-tier tax structure will come into effect from September 22

The 56th GST Council meeting, led by Finance Minister Nirmala Sitharaman, on Wednesday (September 3) approved a two-tier structure with rates of 5% and 18%, and a special tax of 40% on sin goods. The decision was unanimous, said Union Finance Minister Nirmala Sitharaman, and will come into effect from September 22, 2025. &nbsp;The GST overhaul replaces the existing four slabs of 5%, 12%, 18%, and 28% with a simplified two-rate system. In the new regime, essential or “merit" goods will be taxed at 5%, while most goods and services will fall under the 18% standard rate.

<blockquote class="twitter-tweet">Hon’ble Prime Minister Shri <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> announced the Next-Generation GST Reforms in his Independence Day address from the ramparts of Red Fort. Working on the same principle, the GST Council has approved significant reforms today. These reforms have a multi-sectoral and… <a href="https://t.co/NzvvVScKCF">pic.twitter.com/NzvvVScKCF</a>&mdash; Nirmala Sitharaman Office (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1963285050163958259?ref_src=twsrc%5Etfw">September 3, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

“The Prime Minister actually set the tone for the next generation of reforms on August 15. These reforms are not just a rationalisation of rates, but also ease of business and living. There shall be only two slabs," Union Finance Minister Nirmala Sitharaman said.&nbsp;“We have reduced the slabs to just two. We are simplifying registration, return filing, and refunds. We are making reforms with a focus on the common man. We have ensured that daily-use items for the common man get cheaper.” “We are extending strong support to labour-intensive industries. We are ensuring farmers and agriculture benefit from today’s decisions. We are prioritising health as a key driver of the economy. We are carrying out reforms to ease living and improve transparency. Thanks to all state FMs for being on board with today’s decision. PM has been pushing for giving relief to the people of India," she further added.&nbsp;Bihar Deputy Chief Minister Samrat Choudhary said the move was taken with the consensus of all states, calling it a collective decision on rate rationalisation. West Bengal Finance Minister Chandrima Bhattacharya noted that the restructuring would result in an estimated revenue loss of ₹47,700 crore.<h2>Prime Minister Narendra Modi reacts</h2>

<blockquote class="twitter-tweet">During my Independence Day Speech, I had spoken about our intention to bring the Next-Generation reforms in GST. The Union Government had prepared a detailed proposal for broad-based GST rate rationalisation and process reforms, aimed at ease of living for the common man and…&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1963285580940546131?ref_src=twsrc%5Etfw">September 3, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>Here are the new GST reductions</h2>Now at 5%: Hair oil, toilet soaps, soap bars, shampoos, toothbrushes, toothpaste, bicycles, tableware, kitchenware, and other household items.Now at 0% (from 5%): Ultra-high temperature (UHT) milk, chena, paneer, and all varieties of Indian breads, including roti and paratha.Reduced to 5% (from 12% or 18%): Packaged food items such as namkeen, bhujia, sauces, pasta, instant noodles, chocolates, coffee, preserved meats, cornflakes, butter, and ghee.Reduced to 18% (from 28%): Air conditioners, television sets above 32 inches (all TVs are now taxed at 18%), dishwashers, small cars, and motorcycles with engine capacity of 350 cc or below.

The 56th GST Council meeting on Wednesday approved a two-slab structure of 5 per cent and 18 per cent, and a special tax of 40 per cent on sin goods. The GST Council decided that the new two-tier tax structure will come into effect from September 22.

The 56th GST Council meeting, led by Finance Minister Nirmala Sitharaman, on Wednesday (September 3) approved a two-tier structure with rates of 5% and 18%, and a special tax of 40% on sin goods. The decision was unanimous, said Union Finance Minister Nirmala Sitharaman, and will come into effect from September 22, 2025. The GST overhaul replaces the existing four slabs of 5%, 12%, 18%, and 28% with a simplified two-rate system. In the new regime, essential or “merit" goods will be taxed at 5%, while most goods and services will fall under the 18% standard rate.

The 56th GST Council meeting on Wednesday approved a two-slab structure of 5 per cent and 18 per cent, and a special tax of 40 per cent on sin goods.&nbsp;The GST Council decided that the new two-tier tax structure will come into effect from September 22.

GST 2.0: Only 2 slabs of 5% and 18% from Sept 22; 40% for sin goods; focus on common man, says FM

New Delhi: The upcoming next-generation Goods and Services Tax (GST) reforms will further simplify tax processes and reduce compliance burdens, particularly for small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.&nbsp;The Finance Minister was speaking at the 120th Foundation Day Celebrations of City Union Bank in Chennai.&nbsp;"The Prime Minister has recently announced the creation of a task force for next-generation reforms with a clear mandate to simplify regulations, lower compliance costs, and build a more enabling ecosystem for startups, MSMEs, and entrepreneurs. Complementing this is the planned rollout of the next generation of GST reforms with a council meeting tomorrow and the day after," Sitharaman said, adding that in the coming months, there will be further reduction in compliance burden, making it easier for small businesses to thrive.&nbsp;The 56th meeting of the Goods and Services Tax (GST) Council will be held on September 3-4, according to an official memorandum.&nbsp;According to government sources, the Central Government proposes to eliminate the 12 per cent and 28 per cent GST rates, retaining only the 5 per cent and 18 per cent GST rates.&nbsp;The announcement for the GST council meeting was made days after Prime Minister Narendra Modi announced during his Independence Day Speech that people were going to get a very big gift on Diwali and the government had embarked on a "big reform of GST".&nbsp;Sitharaman said that over the past 11 years, more than 56 crore Jan Dhan accounts have been opened, with a total deposit balance of Rs 2.68 lakh crore. Of these accounts, 67 per cent were opened in rural or semi-urban areas, and women hold 56 percent, she added.&nbsp;"A bank account is not just a passbook; it is a passport to opportunity, enabling access to credit, savings, insurance, and dignity," she added, according to a post on X by Sitharaman's office.&nbsp;The minister said that India's scheduled commercial banks have recorded massive improvement in their asset quality, and as a result, NPAs have come down.&nbsp;"Macro stress test results show that the Scheduled Commercial Banks' aggregate capital levels will continue to remain above the regulatory minimum," the post added.&nbsp;Bank deposits with Scheduled Commercial Banks (SCBs) recorded a year-on-year growth of 11.3 per cent as of June-end 2025, slightly lower than the 11.7 per cent growth (net of merger) seen a year earlier, according to the latest quarterly data released by the Reserve Bank of India last Friday.&nbsp;The surge was primarily driven by a strong rise in term deposits, which grew 13.5 per cent year-on-year, significantly outpacing the modest 5.4 per cent growth in savings deposits.

The upcoming next-generation Goods and Services Tax (GST) reforms will further simplify tax processes and reduce compliance burdens, particularly for small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.

New Delhi: The upcoming next-generation Goods and Services Tax (GST) reforms will further simplify tax processes and reduce compliance burdens, particularly for small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday. The Finance Minister was speaking at the 120th Foundation Day Celebrations of City Union Bank in Chennai. "The Prime Minister has recently announced the creation of a task force for next-generation reforms with a clear mandate to simplify regulations, lower compliance costs, and build a more enabling ecosystem for startups, MSMEs, and entrepreneurs. Complementing this is the planned rollout of the next generation of GST reforms with a council meeting tomorrow and the day after," Sitharaman said, adding that in the coming months, there will be further reduction in compliance burden, making it easier for small businesses to thrive. The 56th meeting of the Goods and Services Tax (GST) Council will be held on September 3-4, according to an official memorandum. According to government sources, the Central Government proposes to eliminate the 12 per cent and 28 per cent GST rates, retaining only the 5 per cent and 18 per cent GST rates. The announcement for the GST council meeting was made days after Prime Minister Narendra Modi announced during his Independence Day Speech that people were going to get a very big gift on Diwali and the government had embarked on a "big reform of GST". Sitharaman said that over the past 11 years, more than 56 crore Jan Dhan accounts have been opened, with a total deposit balance of Rs 2.68 lakh crore. Of these accounts, 67 per cent were opened in rural or semi-urban areas, and women hold 56 percent, she added. "A bank account is not just a passbook; it is a passport to opportunity, enabling access to credit, savings, insurance, and dignity," she added, according to a post on X by Sitharaman's office. The minister said that India's scheduled commercial banks have recorded massive improvement in their asset quality, and as a result, NPAs have come down. "Macro stress test results show that the Scheduled Commercial Banks' aggregate capital levels will continue to remain above the regulatory minimum," the post added. Bank deposits with Scheduled Commercial Banks (SCBs) recorded a year-on-year growth of 11.3 per cent as of June-end 2025, slightly lower than the 11.7 per cent growth (net of merger) seen a year earlier, according to the latest quarterly data released by the Reserve Bank of India last Friday. The surge was primarily driven by a strong rise in term deposits, which grew 13.5 per cent year-on-year, significantly outpacing the modest 5.4 per cent growth in savings deposits.

The Finance Minister was speaking at the 120th Foundation Day Celebrations of City Union Bank in Chennai.

Nirmala Sitharaman says GST reforms to simplify regulations, lower compliance costs

The New Income Tax Bill 2025 was passed by the Lok Sabha on Monday after Finance Minister Nirmala Sitharaman introduced a revised version that incorporated most of the recommendations made by the Select Committee headed by MP Baijayant Panda. The bill was tabled on Monday after the government decided to withdraw the Income-Tax Bill, 2025, which was presented on February 13 to replace the six-decade-old Income-Tax Act, 1961. The bill must be passed by the Rajya Sabha and will then seek the President’s nod.&nbsp;The new bill is designed to simplify and update India’s taxation system, replacing legislation that had been in effect for over 60 years. It includes a revised structure, provisions for digital taxation, systems for resolving disputes, and initiatives to expand tax collection through technological and data-driven methods. While presenting The Income-Tax (No.2) Bill, 2025, Sitharaman explained that this legislation aims to streamline and update income tax regulations, replacing the existing Income Tax Act, 1961.&nbsp;The new version, which includes the majority of 285 recommendations made by the Parliamentary Select Committee led by BJP MP Baijayant Panda, was presented on Monday and passed promptly.&nbsp;

<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/monsoonsession2025?src=hash&amp;ref_src=twsrc%5Etfw">#monsoonsession2025</a> <a href="https://twitter.com/hashtag/LokSabha?src=hash&amp;ref_src=twsrc%5Etfw">#LokSabha</a> passes The Income-Tax (No.2) Bill, 2025. The Bill consolidates and amends the law relating to income tax.<a href="https://twitter.com/nsitharamanoffc?ref_src=twsrc%5Etfw">@nsitharamanoffc</a> <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> <a href="https://twitter.com/LokSabhaSectt?ref_src=twsrc%5Etfw">@LokSabhaSectt</a><a href="https://twitter.com/loksabhaspeaker?ref_src=twsrc%5Etfw">@loksabhaspeaker</a> <a href="https://t.co/wqYeCrWk9G">pic.twitter.com/wqYeCrWk9G</a>&mdash; SansadTV (@sansad_tv) <a href="https://twitter.com/sansad_tv/status/1954858998148046911?ref_src=twsrc%5Etfw">August 11, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>Select Committee presented 4,575-page report</h2> The Parliamentary Select Committee, comprising 31 members, presented their comprehensive 4,575-page findings last month. Their recommendations include both small adjustments and 32 significant modifications. The parliamentary panel had flagged multiple drafting errors and suggested amendments to reduce ambiguity. The committee said the changes would improve fairness and clarity while aligning the law with existing provisions. FM Sitharaman said the earlier bill was pulled back to avoid confusion and that the fresh draft will serve as the basis for replacing the 1961 Act. <h2>Significant reforms in direct tax code in over 60 years</h2> The draft bill introduced in February was described as the most significant reform of India’s direct tax code in over 60 years. Its key features were simplified language, consolidation of deductions, and shorter provisions to ease compliance. It also included lower penalties for certain offences to make the system more taxpayer-friendly and reduction in litigation through a “trust first, scrutinise later” approach. The earlier draft had 23 chapters, 536 sections, and 16 schedules, using tables and formulas for easier interpretation. It also proposed streamlined TDS rules, simplified depreciation provisions, and retention of residency criteria and financial year timelines.

The Parliamentary Select Committee, comprising 31 members, presented their comprehensive 4,575-page findings last month. The recommendations of the committee include both small adjustments and 32 significant modifications.

The New Income Tax Bill 2025 was passed by the Lok Sabha on Monday after Finance Minister Nirmala Sitharaman introduced a revised version that incorporated most of the recommendations made by the Select Committee headed by MP Baijayant Panda. The bill was tabled on Monday after the government decided to withdraw the Income-Tax Bill, 2025, which was presented on February 13 to replace the six-decade-old Income-Tax Act, 1961. The bill must be passed by the Rajya Sabha and will then seek the President’s nod. The new bill is designed to simplify and update India’s taxation system, replacing legislation that had been in effect for over 60 years. It includes a revised structure, provisions for digital taxation, systems for resolving disputes, and initiatives to expand tax collection through technological and data-driven methods. While presenting The Income-Tax (No.2) Bill, 2025, Sitharaman explained that this legislation aims to streamline and update income tax regulations, replacing the existing Income Tax Act, 1961. The new version, which includes the majority of 285 recommendations made by the Parliamentary Select Committee led by BJP MP Baijayant Panda, was presented on Monday and passed promptly.

The Parliamentary Select Committee, comprising 31 members, presented their comprehensive 4,575-page findings last month. The recommendations of the committee include both small adjustments and 32 significant modifications.

New Income Tax Bill 2025 gets Lok Sabha nod, includes parliamentary panel’s most suggestions

There is widespread buzz in Indian media that the ruling Bharatiya Janata Party (BJP) might name a woman president for the first time since its foundation in 1980. The names of Nirmala Sitharaman and Daggubati Purandeswari Purandeswari are doing the rounds, among others. Interestingly, all the top woman contenders for the post happen to be from south India, where the BJP is trying to expand.<h2>BJP's organisational restructuring</h2>Currently, the party of Prime Minister Narendra Modi is filling top positions at the local level in six states and six Union Territories. The attention will then shift to the national president.&nbsp;JP Nadda, who has been the national president since 2020, got an extention of his term till 2024, after it ended in 2023. This was done in order for him to help the party through the 2024 Lok Sabha election. BJP won those elections, but the post of president is yet to be filled.&nbsp;<a href="https://www.wionews.com/videos/delhi-election-result-bjp-headquarters-erupts-in-celebration-as-trends-favor-partys-victory-8701453/embed">https://www.wionews.com/videos/delhi-election-result-bjp-headquarters-erupts-in-celebration-as-trends-favor-partys-victory-8701453/embed</a>Among the names for the top party post, the most prominent are that of Nirmala Sitharaman, the Indian finance minister, and D Purandeswari, the former Andhra Pradesh unit chief of the party.<h2>Nirmala Sitharaman, a strong and steady leader</h2>Sitaraman is arguably the most high-profile among the woman leaders of BJP currently. As finance minister, she steered India through some challenging times in spite of global economic headwinds. Having been finance minister since 2019, the alumnus of India's prestigious Jawaharlal Nehru Univeristy is among the most influential women in BJP at present. The fact that she hails from the Tamil Nadu state may also play in the minds of the party elders, as BJP is looking to expand its footprint in southern states. According to reports, Sitaraman recently had a meetin with Nadda and BJP's General Secretary BL Santhosh.<h2>Daggubati Purandeswari</h2>D Purandeswari is another very active face of BJP in the south, having overseen its growth in the past few years as its former Andhra Pradesh chief. When India sent a diplomatic delegation to various countries to explain Operation Sindoor and India's anti-terrorism stance, Purandeswari was one of them.<h2>Vanathi Srinivasan</h2>Vanathi Srinivasan is most famous for having defeated Tamil superstar Kamal Hassan in 2021. Srinivasan was BJP's Mahila Morcha National President, and won &nbsp;the Coimbatore (South) seat in Tamil Nadu. Srinivasan has been part of BJP’s Central Election Committee since 2022, having been associated with the saffron party since 1993. &nbsp;

The names of Nirmala Sitharaman and Daggubati Purandeswari Purandeswari are doing the rounds, among others. Interestingly, all the top woman contenders for the post happen to be from south India, where the BJP is trying to expand.

There is widespread buzz in Indian media that the ruling Bharatiya Janata Party (BJP) might name a woman president for the first time since its foundation in 1980. The names of Nirmala Sitharaman and Daggubati Purandeswari Purandeswari are doing the rounds, among others. Interestingly, all the top woman contenders for the post happen to be from south India, where the BJP is trying to expand. BJP's organisational restructuring Currently, the party of Prime Minister Narendra Modi is filling top positions at the local level in six states and six Union Territories. The attention will then shift to the national president. JP Nadda, who has been the national president since 2020, got an extention of his term till 2024, after it ended in 2023. This was done in order for him to help the party through the 2024 Lok Sabha election. BJP won those elections, but the post of president is yet to be filled. https://www.wionews.com/videos/delhi-election-result-bjp-headquarters-erupts-in-celebration-as-trends-favor-partys-victory-8701453/embed Among the names for the top party post, the most prominent are that of Nirmala Sitharaman, the Indian finance minister, and D Purandeswari, the former Andhra Pradesh unit chief of the party. Nirmala Sitharaman, a strong and steady leader Sitaraman is arguably the most high-profile among the woman leaders of BJP currently. As finance minister, she steered India through some challenging times in spite of global economic headwinds. Having been finance minister since 2019, the alumnus of India's prestigious Jawaharlal Nehru Univeristy is among the most influential women in BJP at present. The fact that she hails from the Tamil Nadu state may also play in the minds of the party elders, as BJP is looking to expand its footprint in southern states. According to reports, Sitaraman recently had a meetin with Nadda and BJP's General Secretary BL Santhosh. Daggubati Purandeswari D Purandeswari is another very active face of BJP in the south, having overseen its growth in the past few years as its former Andhra Pradesh chief. When India sent a diplomatic delegation to various countries to explain Operation Sindoor and India's anti-terrorism stance, Purandeswari was one of them. Vanathi Srinivasan Vanathi Srinivasan is most famous for having defeated Tamil superstar Kamal Hassan in 2021. Srinivasan was BJP's Mahila Morcha National President, and won the Coimbatore (South) seat in Tamil Nadu. Srinivasan has been part of BJP’s Central Election Committee since 2022, having been associated with the saffron party since 1993.

The names of Nirmala Sitharaman and Daggubati Purandeswari Purandeswari are doing the rounds, among others. Interestingly, all the top woman contenders for the post happen to be from south India, where the BJP is trying to expand.

Will India's ruling BJP make history with a woman president? These names, all hailing from south India, are doing the rounds

From the next financial year, which begins on April 1, the tax authorities of India can access your account on communication platforms like WhatsApp, Telegram and emails under the provisions of the Income Tax Bill, 2025.
<h2>Why has government brought the bill?</h2>
Union Finance Minister Nirmala Sitharaman on Tuesday (Mar 27) explained why the new Income Tax Bill, 2025, was introduced in the Lok Sabha on February 13.&nbsp;
Also read | <a href="https://www.wionews.com/entertainment/kunal-kamra-responds-to-second-summons-with-nirmala-sitharaman-parody-song-8893516">Kunal Kamra responds to second summons with Nirmala Sitharaman parody song</a>
The bill, which would replace the Income Tax Act of 1961, would allow the government to detect unaccounted money and illegal activities. While it retains most of the original provisions, it aims to simplify the language and remove redundant sections.
Sitharaman said that the new bill would help keep tax enforcement up to date with new technology and ensure that virtual assets like cryptocurrencies are not overlooked. The evidence from digital accounts would provide the officials with evidence to prove tax evasion in court and calculate the exact amount of tax evaded.
Also read | <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-announces-57mn-corpus-for-manipur-8846060">Finance Minister Nirmala Sitharaman announces $57mn corpus for Manipur</a>
&ldquo;Encrypted messages on mobile phones led to unearthing Rs 250 crore unaccounted money. Evidence from WhatsApp messages of crypto assets has been detected. WhatsApp communication helped unearth ₹200 crore unaccounted money,&rdquo; the finance minister said.
Sitharaman also highlighted that Google Maps history helped identify locations frequently visited to hide cash. She added that Instagram accounts were analysed to determine &lsquo;benami&rsquo; property ownership.
Also read | <a href="https://www.wionews.com/india-news/prasad-given-at-religious-places-exempt-from-gst-says-fm-nirmala-sitharaman-8889590">&lsquo;Prasad&rsquo; served at religious places exempt from GST, says FM Nirmala Sitharaman</a>
<h2>What can officials access under new bill?</h2>
The finance minister detailed that the new bill would grant officials the right to access digital communication platforms like WhatsApp, Telegram and emails. In addition, business software and servers used to hide financial transactions would also be accessible by the government.
The bill would cover virtual digital assets within the definition of undisclosed income. It would include digital tokens, cryptocurrencies, and other cryptographic representations of value.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-indian-fms-focus-on-bihar-sparks-meme-fest-online-nitish-kumar-narendra-modi-8681960">Union Budget 2025: Nirmala Sitharaman's focus on Bihar sparks meme fest online</a>
It also grants income tax authorities permission to access virtual digital spaces during search and seizure operations. This covers email servers, social media accounts, online investment and trading platforms, and websites that store asset ownership details. It also grants authorities the power to override access codes for inspection of digital environments as part of tax investigations.
(With inputs from agencies)

India news | Union Finance Minister Nirmala Sitharaman on Tuesday (Mar 27) explained why the new Income Tax Bill, 2025, was introduced in the Lok Sabha on February 13.

From the next financial year, which begins on April 1, the tax authorities of India can access your account on communication platforms like WhatsApp, Telegram and emails under the provisions of the Income Tax Bill, 2025. Why has government brought the bill? Union Finance Minister Nirmala Sitharaman on Tuesday (Mar 27) explained why the new Income Tax Bill, 2025, was introduced in the Lok Sabha on February 13. Also read | Kunal Kamra responds to second summons with Nirmala Sitharaman parody song The bill, which would replace the Income Tax Act of 1961, would allow the government to detect unaccounted money and illegal activities. While it retains most of the original provisions, it aims to simplify the language and remove redundant sections. Sitharaman said that the new bill would help keep tax enforcement up to date with new technology and ensure that virtual assets like cryptocurrencies are not overlooked. The evidence from digital accounts would provide the officials with evidence to prove tax evasion in court and calculate the exact amount of tax evaded. Also read | Finance Minister Nirmala Sitharaman announces $57mn corpus for Manipur “Encrypted messages on mobile phones led to unearthing Rs 250 crore unaccounted money. Evidence from WhatsApp messages of crypto assets has been detected. WhatsApp communication helped unearth ₹200 crore unaccounted money,” the finance minister said. Sitharaman also highlighted that Google Maps history helped identify locations frequently visited to hide cash. She added that Instagram accounts were analysed to determine ‘benami’ property ownership. Also read | ‘Prasad’ served at religious places exempt from GST, says FM Nirmala Sitharaman What can officials access under new bill? The finance minister detailed that the new bill would grant officials the right to access digital communication platforms like WhatsApp, Telegram and emails. In addition, business software and servers used to hide financial transactions would also be accessible by the government. The bill would cover virtual digital assets within the definition of undisclosed income. It would include digital tokens, cryptocurrencies, and other cryptographic representations of value. Also read | Union Budget 2025: Nirmala Sitharaman's focus on Bihar sparks meme fest online It also grants income tax authorities permission to access virtual digital spaces during search and seizure operations. This covers email servers, social media accounts, online investment and trading platforms, and websites that store asset ownership details. It also grants authorities the power to override access codes for inspection of digital environments as part of tax investigations. (With inputs from agencies)

From April 1, Indian govt can see your WhatsApp messages, emails. Here's what you need to know

Union Finance Minister Nirmala Sitharaman on Tuesday (Mar 11) announced financial assistance of Rs 500 crore ($57,310,827) for violence-hit Manipur to bolster its economy. The move will help the war-torn state to establish a contingency fund.
The allocation was announced in the Lok Sabha as her response to the discussion on Supplementary Demands for Grants for the year 2024-25, Demands for Additional Grants for the year 2021-22 and Budget of Manipur for the year 2025-26.
&ldquo;We are providing all possible financial assistance for the faster recovery of the Manipur economy,&rdquo; she said.
Also read | <a href="https://www.wionews.com/india-news/manipur-violence-at-least-12-militants-arrested-by-police-in-two-days-8839368">Manipur violence: At least 12 militants arrested by police in two days</a>
&ldquo;(Manipur) never had a contingency fund till now...They will have a contingency fund now kept every year; if necessary, more can be added to it,&rdquo; she said.
A supplementary demand for grants amounting to Rs 1,861 crore ($213,310,898) for 2024-25 of Manipur was also placed on the table.
Following her speech, Lok Sabha passed The Manipur Appropriation Bill, 2025, The Manipur Appropriation (Vote on Account) Bill, 2025, The Appropriation Bill, 2025 and The Appropriation (No.2) Bill, 2025.
Also read | <a href="https://www.wionews.com/india-news/manipur-violence-at-least-1-killed-dozens-injured-locals-defy-free-movement-directive-8835440">Manipur violence: At least 1 killed, dozens injured; locals defy free movement directive</a>
Sitharaman added that steps have been taken to restore normalcy in the northeastern state, where ethnic tensions have persisted for over two years now.
<h2>Finance minister slams Opposition</h2>
During the Budget session of Parliament on Tuesday (Mar 11), Nirmala Sitharaman also hit back at the Opposition for criticising Prime Minister Narendra Modi for not visiting Manipur amid violence.
She said that when 750 people died in the northeastern state in 1993, the then Congress prime minister PV Narsimha Rao and his home minister did not visit the state.
Also read | <a href="https://www.wionews.com/world/cherry-picking-of-situations-india-slams-un-rights-chiefs-baseless-remarks-on-manipur-kashmir-8778260">&lsquo;Cherry picking of situations&rsquo;: India slams UN rights chief&rsquo;s &lsquo;baseless&rsquo; remarks on Manipur, Kashmir</a>
She said, &ldquo;In 1993, When Rajkumar Dorendra Singh of the Congress was the chief minister of Manipur, a major flare up between Kukis and Nagas happened between April and December 1993, resulting in&hellip; 750 deaths and destruction of 350 villages in Manipur&hellip;. At that time the Prime Minister was P V Narsimha Rao and the Home Minister was Shankarrao Chavan. They did not even participate in the parliamentary debates&hellip; So, where was the Congress at that time? Did they ask them to come and speak? Did they ask them to go to Manipur? No.&rdquo;
She added that it was the Minister of State for Home P M Sayeed who responded when a motion for President&rsquo;s Rule was put forward in Rajya Sabha for the state in February 1994,
Also read | <a href="https://www.wionews.com/india-news/india-union-minister-amit-shah-directs-security-forces-to-ensure-free-movement-in-manipur-from-march-8-8769503">India: Union Minister Amit Shah directs security forces to ensure free movement in Manipur from March 8</a>
&ldquo;Even at the peak of the violence in August 1993, it was a Minister of State for Home Rajesh Pilot, who addressed the Parliament,&rdquo; she said. &ldquo;&hellip; I hope Congress doesn&rsquo;t speak about Manipur as who is going and who is not.&rdquo;
(With inputs from agencies)

India news | Sitharaman added that steps have been taken to restore normalcy in the northeastern state, where ethnic tensions have persisted for over two years now.

Union Finance Minister Nirmala Sitharaman on Tuesday (Mar 11) announced financial assistance of Rs 500 crore ($57,310,827) for violence-hit Manipur to bolster its economy. The move will help the war-torn state to establish a contingency fund. The allocation was announced in the Lok Sabha as her response to the discussion on Supplementary Demands for Grants for the year 2024-25, Demands for Additional Grants for the year 2021-22 and Budget of Manipur for the year 2025-26. “We are providing all possible financial assistance for the faster recovery of the Manipur economy,” she said. Also read | Manipur violence: At least 12 militants arrested by police in two days “(Manipur) never had a contingency fund till now...They will have a contingency fund now kept every year; if necessary, more can be added to it,” she said. A supplementary demand for grants amounting to Rs 1,861 crore ($213,310,898) for 2024-25 of Manipur was also placed on the table. Following her speech, Lok Sabha passed The Manipur Appropriation Bill, 2025, The Manipur Appropriation (Vote on Account) Bill, 2025, The Appropriation Bill, 2025 and The Appropriation (No.2) Bill, 2025. Also read | Manipur violence: At least 1 killed, dozens injured; locals defy free movement directive Sitharaman added that steps have been taken to restore normalcy in the northeastern state, where ethnic tensions have persisted for over two years now. Finance minister slams Opposition During the Budget session of Parliament on Tuesday (Mar 11), Nirmala Sitharaman also hit back at the Opposition for criticising Prime Minister Narendra Modi for not visiting Manipur amid violence. She said that when 750 people died in the northeastern state in 1993, the then Congress prime minister PV Narsimha Rao and his home minister did not visit the state. Also read | ‘Cherry picking of situations’: India slams UN rights chief’s ‘baseless’ remarks on Manipur, Kashmir She said, “In 1993, When Rajkumar Dorendra Singh of the Congress was the chief minister of Manipur, a major flare up between Kukis and Nagas happened between April and December 1993, resulting in… 750 deaths and destruction of 350 villages in Manipur…. At that time the Prime Minister was P V Narsimha Rao and the Home Minister was Shankarrao Chavan. They did not even participate in the parliamentary debates… So, where was the Congress at that time? Did they ask them to come and speak? Did they ask them to go to Manipur? No.” She added that it was the Minister of State for Home P M Sayeed who responded when a motion for President’s Rule was put forward in Rajya Sabha for the state in February 1994, Also read | India: Union Minister Amit Shah directs security forces to ensure free movement in Manipur from March 8 “Even at the peak of the violence in August 1993, it was a Minister of State for Home Rajesh Pilot, who addressed the Parliament,” she said. “… I hope Congress doesn’t speak about Manipur as who is going and who is not.” (With inputs from agencies)

Finance Minister Nirmala Sitharaman announces $57mn corpus for Manipur

The Union Cabinet is expected to approve a new Income Tax Bill on Friday (Feb 7), setting the stage for its introduction in the Lok Sabha by Monday. This bill is a key component of a larger effort to overhaul India's taxation system.
The proposed legislation, which is often referred to as the Direct Tax Code, is aimed at overhauling the existing tax structure, making it more streamlined and transparent.
While presenting the Union Budget 2025-26 on February 1, Finance Minister Nirmala Sitharaman announced the government&rsquo;s plan to introduce the new Income Tax Bill in Parliament.
The bill is likely to be referred to the Standing Committee for further discussion and refinement of its provisions.
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<h2 dir="ltr">Objective of bringing new tax bill</h2>
The government has already made it clear that the bill will focus on simplifying tax laws, removing ambiguities, and ensuring ease of compliance for taxpayers rather than introducing any new taxes.
Several amendments are expected to be introduced to the existing law, with a focus on reducing litigation. One of the provisions could include a reduction in penalties for certain offences, making the tax framework less punitive and more taxpayer-friendly.
Also read | <a href="https://www.wionews.com/india-news/congress-partys-priority-is-family-first-and-its-policies-around-it-pm-modi-8696265">Congress party's priority is 'family first' and its policies around it: PM Modi</a>
The new income tax law will be in simple language, which will help taxpayers and tax experts understand the provisions better. Also, digital processes will be promoted, which will make tax filing completely digital. This can also reduce legal disputes.
<h2 dir="ltr">Income Tax Bill to be tabled in Parliament</h2>
As a Finance Bill, it will only be submitted to the Lok Sabha, although the Rajya Sabha can suggest amendments. Ultimately, the Lok Sabha will decide whether to accept these recommendations. This new bill aims to reform the tax system, making it more streamlined and transparent, with a focus on simplification and rationalisation of the tax filing process.
(With inputs from agencies)
&nbsp;

India News: The Union Cabinet is set to approve a new Income Tax Bill, aiming for Lok Sabha introduction soon, marking a pivotal move in reforming India's taxation landscape.

The Union Cabinet is expected to approve a new Income Tax Bill on Friday (Feb 7), setting the stage for its introduction in the Lok Sabha by Monday. This bill is a key component of a larger effort to overhaul India's taxation system. The proposed legislation, which is often referred to as the Direct Tax Code, is aimed at overhauling the existing tax structure, making it more streamlined and transparent. While presenting the Union Budget 2025-26 on February 1, Finance Minister Nirmala Sitharaman announced the government’s plan to introduce the new Income Tax Bill in Parliament. The bill is likely to be referred to the Standing Committee for further discussion and refinement of its provisions. Also read | Opposition slams Centre over US deportation row; 'what stops our government from sending aircraft' Objective of bringing new tax bill The government has already made it clear that the bill will focus on simplifying tax laws, removing ambiguities, and ensuring ease of compliance for taxpayers rather than introducing any new taxes. Several amendments are expected to be introduced to the existing law, with a focus on reducing litigation. One of the provisions could include a reduction in penalties for certain offences, making the tax framework less punitive and more taxpayer-friendly. Also read | Congress party's priority is 'family first' and its policies around it: PM Modi The new income tax law will be in simple language, which will help taxpayers and tax experts understand the provisions better. Also, digital processes will be promoted, which will make tax filing completely digital. This can also reduce legal disputes. Income Tax Bill to be tabled in Parliament As a Finance Bill, it will only be submitted to the Lok Sabha, although the Rajya Sabha can suggest amendments. Ultimately, the Lok Sabha will decide whether to accept these recommendations. This new bill aims to reform the tax system, making it more streamlined and transparent, with a focus on simplification and rationalisation of the tax filing process. (With inputs from agencies)

Union Govt to approve new Income Tax Bill tomorrow: Everything to know

Indian Finance Minister Nirmala Sitharaman said that 'Import duties have been rationalised to allow Indian industry to source raw materials and promote domestic manufacturing and exports'. Watch this report for more details!

India's FM Sitharaman announces duty cuts to support MSMEs & exports

Finance Minister Nirmala Sitharaman presented the <a href="https://www.wionews.com/tags/india-budget-2025" rel="dofollow">Union Budget 2025 </a>on Saturday (Feb 1), and her speech lasted for 77 minutes, which is shorter than the previous year's speech, which was for 85 minutes.&nbsp;
Sitharaman presented her eighth consecutive budget, setting a record. Earlier, she presented an interim and six regular budgets.&nbsp;
Former Prime Minister Morarji Desai holds the record for presenting 10 budgets, though not in continuance.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/tax-simplification-is-complete-after-budget-2025-fm-nirmala-sitharaman-promises-income-tax-reforms-bill-next-week-8681348" rel="dofollow">&lsquo;Tax simplification is complete&rsquo;: After Budget 2025, FM Sitharaman promises income tax reforms bill next week</a>
Notably, the longest budget speech in history was made by Nirmala Sitharaman when she presented the Union Budget for 2020-2021. Her speech lasted for 2 hours 42 minutes (162 minutes).&nbsp;
<h2>Finance Minister Sitharaman's budget speech over the years:&nbsp;</h2>
<h3>2024</h3>
Sitharaman gave the speech for an hour and 25 minutes (85 minutes).&nbsp;
<h3>Interim Budget 2024</h3>
During the interim budget last year, Sitharaman presented her sixth consecutive budget with the shortest speech so far, which lasted for 56 minutes.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/union-budget-2025-whats-cheaper-and-whats-costlier-heres-a-detailed-list-8681544" rel="dofollow">Union Budget 2025: What's cheaper and what's costlier? Here's a detailed list</a>
<h3>2023&nbsp;</h3>
Finance Minister Sitharaman budget speech that year lasted for 87 minutes.&nbsp;
<h3>2022&nbsp;</h3>
In 2022, Nirmala aSitharaman's budget speech was 92 minutes long.&nbsp;
<h3>2021</h3>
In 2021, Sitharaman presented the first paperless budget, during which she gave a speech for 1 hour and 40 minutes. She took a digital tablet wrapped in a traditional "bahi-khata" style pouch.&nbsp;
Also read: <a href="https://www.wionews.com/india-news/common-citizen-going-to-drive-mission-of-viksit-bharat-pm-modi-applauds-union-budget-2025-8680898" rel="dofollow">&lsquo;Force multiplier&rsquo; for India&rsquo;s growth: PM Modi applauds Union Budget 2025</a>
<h3>2020</h3>
The year when Sitharaman broke the record by speaking for two hours and 41 minutes, making it the longest speech in India's history.&nbsp;
During her speech, she paused in the middle of the speech and sat down because, reportedly, her blood pressure dropped.
<h3>2019</h3>
In 2019, Sitharaman presented her first budget and her speech was one of the longest ever, and lasted for 2 hours and 17 minutes. She occasionally shifted to Hindi, Tamil, Urdu and even Sanskrit.&nbsp;
At that time, she did not even pause for a water break and spoke continuously.&nbsp;
(With inputs from agencies)

Business & economy, India news: The longest budget speech in history was made by Sitharaman when she presented the budget for 2020-2021 as her speech lasted for 2 hours 42 minutes.

Finance Minister Nirmala Sitharaman presented the Union Budget 2025 on Saturday (Feb 1), and her speech lasted for 77 minutes, which is shorter than the previous year's speech, which was for 85 minutes. Sitharaman presented her eighth consecutive budget, setting a record. Earlier, she presented an interim and six regular budgets. Former Prime Minister Morarji Desai holds the record for presenting 10 budgets, though not in continuance. Also read: ‘Tax simplification is complete’: After Budget 2025, FM Sitharaman promises income tax reforms bill next week Notably, the longest budget speech in history was made by Nirmala Sitharaman when she presented the Union Budget for 2020-2021. Her speech lasted for 2 hours 42 minutes (162 minutes). Finance Minister Sitharaman's budget speech over the years: 2024 Sitharaman gave the speech for an hour and 25 minutes (85 minutes). Interim Budget 2024 During the interim budget last year, Sitharaman presented her sixth consecutive budget with the shortest speech so far, which lasted for 56 minutes. Also read: Union Budget 2025: What's cheaper and what's costlier? Here's a detailed list 2023 Finance Minister Sitharaman budget speech that year lasted for 87 minutes. 2022 In 2022, Nirmala aSitharaman's budget speech was 92 minutes long. 2021 In 2021, Sitharaman presented the first paperless budget, during which she gave a speech for 1 hour and 40 minutes. She took a digital tablet wrapped in a traditional "bahi-khata" style pouch. Also read: ‘Force multiplier’ for India’s growth: PM Modi applauds Union Budget 2025 2020 The year when Sitharaman broke the record by speaking for two hours and 41 minutes, making it the longest speech in India's history. During her speech, she paused in the middle of the speech and sat down because, reportedly, her blood pressure dropped. 2019 In 2019, Sitharaman presented her first budget and her speech was one of the longest ever, and lasted for 2 hours and 17 minutes. She occasionally shifted to Hindi, Tamil, Urdu and even Sanskrit. At that time, she did not even pause for a water break and spoke continuously. (With inputs from agencies)

How long was Nirmala Sitharaman's 2025 Union Budget speech? Here’s how it compares to her past records

Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday (Feb 1) for the fiscal year 2025-2026. It was her eighth consecutive <a href="https://www.wionews.com/tags/india-budget-2025" rel="dofollow">Union Budget</a> presentation, a record.&nbsp;
This also takes her closer to the record made by former Prime Minister Morarji Desai, who presented 10 budgets across different terms.&nbsp;
As the budget was put on the table, it clarified what is cheaper now and what's expensive.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/tax-simplification-is-complete-after-budget-2025-fm-nirmala-sitharaman-promises-income-tax-reforms-bill-next-week-8681348" rel="dofollow">'Tax simplification is complete': After Budget 2025, FM Sitharaman promises income tax reforms bill next week</a>
<h2>Here's a look at what's cheaper and what's costlier:&nbsp;</h2>
<h3>List of things that got cheaper</h3>
1. Electronics Basic Customs Duty (BCD) on open cell for interactive flat panel display, touch glass sheet, and touch sensor for LED/LCD TVs reduced from 15 to five per cent.&nbsp;
2. Life-savings drugs&nbsp; A total of 36 drugs for cancer and rare diseases are exempted from BCD.&nbsp;
3. EV, phone batteries The list of exempted capital goods will include 35 new goods for electronic vehicle (EV) battery production and 28 new goods for mobile phone battery production.&nbsp;
4. Seafood In the new budget, customs duty on frozen fish paste is reduced from 30 to five per cent. Further, customs duty on fish hydrolysate for the manufacture of aquatic feed is reduced from 15 to five per cent.
Also read: <a href="https://www.wionews.com/india-news/common-citizen-going-to-drive-mission-of-viksit-bharat-pm-modi-applauds-union-budget-2025-8680898" rel="dofollow">&lsquo;Force multiplier&rsquo; for India&rsquo;s growth: PM Modi applauds Union Budget 2025</a>
5. Cobalt powder Customs duty was reduced from five per cent to nil.&nbsp;
6. Wet Blue leather&nbsp; Customs duty on wet blue weather was reduced from 10 per cent to nil.&nbsp;
7. Synthetic flavouring essences Customs duty on mixtures of odoriferous substances used in the food or drink industries was reduced from 100 to 20 per cent.&nbsp;
8. Mobile equipment Customs duty on inputs/sub-parts of the camera module, connectors, manufacture of wired headset, microphone and receiver, USB cable, fingerprint reader/ sensor of cellular mobile phone reduced from 2.5 per cent to nil.&nbsp;
9. Motorcycle imports&nbsp; Customs duty on engine capacity not exceeding 1600 CC was reduced to 40 per cent, semi-knocked down reduced to 20 per cent, and completely knocked down reduced to 10 per cent. Moreover, engine capacity of 1600 CC and above was reduced to 30 per cent.
Also read: <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-exempts-basic-custom-duty-on-lifesaving-drugs-and-medicines-8680995" rel="dofollow">Union Budget 2025: 36 life saving drugs, medicines fully exempted from custom duty</a>
10. Shipbuilding Exemption on customs duty for ships and their parts has now been extended for 10 more years.&nbsp;
11. Space satellite equipment Customs duty imposed on the building of launch vehicles and launching of satellites, ground installation for satellites, including its spares and consumables, reduced to nil.
12. Shuttle less looms Customs duty on rapier looms and air jet looms, which are to be used in the textile industry, reduced from 7.5 per cent to nil
13. Waste and scrap of lithium Customs duty reduced on ion battery, lead, zinc, antimony, beryllium, bismuth, cobalt, cadmium, molybdenum, rhenium, tantalum, tin, tungsten, zirconium, and copper scrap reduced to nil
<h3>List of things that got costlier&nbsp;</h3>
1. Interactive flat display In the new budget regime, the customs duty has been increased to 20 per cent from 10 per cent, as the finance minister said that it is aimed at rectifying the inverted duty structure.
2. Knitted fabrics The customs duty on knitted fabrics has been hiked from 10 to 20 per cent.&nbsp;
3. Social Welfare Surcharge The exemption has been removed on 82 tariff lines currently under cess.
(With inputs from agencies)

Business & economy, india news: As the Union Budget 2025 was presented by FM Nirmala Sitharaman, it clarified what is cheaper now and what's expensive. 

Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday (Feb 1) for the fiscal year 2025-2026. It was her eighth consecutive Union Budget presentation, a record. This also takes her closer to the record made by former Prime Minister Morarji Desai, who presented 10 budgets across different terms. As the budget was put on the table, it clarified what is cheaper now and what's expensive. Also read: 'Tax simplification is complete': After Budget 2025, FM Sitharaman promises income tax reforms bill next week Here's a look at what's cheaper and what's costlier: List of things that got cheaper 1. Electronics Basic Customs Duty (BCD) on open cell for interactive flat panel display, touch glass sheet, and touch sensor for LED/LCD TVs reduced from 15 to five per cent. 2. Life-savings drugs A total of 36 drugs for cancer and rare diseases are exempted from BCD. 3. EV, phone batteries The list of exempted capital goods will include 35 new goods for electronic vehicle (EV) battery production and 28 new goods for mobile phone battery production. 4. Seafood In the new budget, customs duty on frozen fish paste is reduced from 30 to five per cent. Further, customs duty on fish hydrolysate for the manufacture of aquatic feed is reduced from 15 to five per cent. Also read: ‘Force multiplier’ for India’s growth: PM Modi applauds Union Budget 2025 5. Cobalt powder Customs duty was reduced from five per cent to nil. 6. Wet Blue leather Customs duty on wet blue weather was reduced from 10 per cent to nil. 7. Synthetic flavouring essences Customs duty on mixtures of odoriferous substances used in the food or drink industries was reduced from 100 to 20 per cent. 8. Mobile equipment Customs duty on inputs/sub-parts of the camera module, connectors, manufacture of wired headset, microphone and receiver, USB cable, fingerprint reader/ sensor of cellular mobile phone reduced from 2.5 per cent to nil. 9. Motorcycle imports Customs duty on engine capacity not exceeding 1600 CC was reduced to 40 per cent, semi-knocked down reduced to 20 per cent, and completely knocked down reduced to 10 per cent. Moreover, engine capacity of 1600 CC and above was reduced to 30 per cent. Also read: Union Budget 2025: 36 life saving drugs, medicines fully exempted from custom duty 10. Shipbuilding Exemption on customs duty for ships and their parts has now been extended for 10 more years. 11. Space satellite equipment Customs duty imposed on the building of launch vehicles and launching of satellites, ground installation for satellites, including its spares and consumables, reduced to nil. 12. Shuttle less looms Customs duty on rapier looms and air jet looms, which are to be used in the textile industry, reduced from 7.5 per cent to nil 13. Waste and scrap of lithium Customs duty reduced on ion battery, lead, zinc, antimony, beryllium, bismuth, cobalt, cadmium, molybdenum, rhenium, tantalum, tin, tungsten, zirconium, and copper scrap reduced to nil List of things that got costlier 1. Interactive flat display In the new budget regime, the customs duty has been increased to 20 per cent from 10 per cent, as the finance minister said that it is aimed at rectifying the inverted duty structure. 2. Knitted fabrics The customs duty on knitted fabrics has been hiked from 10 to 20 per cent. 3. Social Welfare Surcharge The exemption has been removed on 82 tariff lines currently under cess. (With inputs from agencies)

Union Budget 2025: What's cheaper and what's costlier? Here's a detailed list

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced a scheme to make India a global hub for toys by focusing on cluster development.
In her budget speech, Sitharaman said that the scheme will focus on the development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the 'Made in India' brand.
"Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys," the FM said.
Also read | <a href="https://www.wionews.com/india-news/common-citizen-going-to-drive-mission-of-viksit-bharat-pm-modi-applauds-union-budget-2025-8680898">&lsquo;Force multiplier&rsquo; for India&rsquo;s growth: PM Modi applauds Union Budget 2025</a>
<h2 dir="ltr">National Manufacturing Mission</h2>
The Finance Minister also proposed a National Manufacturing Mission covering small, medium, and large industries for furthering &ldquo;Make in India&rdquo; in Budget 2025-26.&nbsp;
The Mission&rsquo;s mandate includes five focus areas: ease and cost of doing business, future-ready workforce for in-demand jobs, a vibrant and dynamic MSME sector, availability of technology, and quality products.
Also read | <a href="https://www.wionews.com/india-news/band-aid-for-bullet-wounds-rahul-gandhi-criticises-centre-over-union-budget-2025-8681421">&lsquo;Band-aid for bullet wounds&rsquo;: Rahul Gandhi criticises Centre over Union Budget 2025</a>
&ldquo;Our government will set up a National Manufacturing Mission covering small, medium, and large industries for furthering &ldquo;Make in India&rdquo; by providing policy support, execution roadmaps, governance and monitoring framework for central ministries and states,&rdquo; Sitharaman said in her budget speech.
To promote employment and entrepreneurship opportunities in labour-intensive sectors, the government will also undertake specific policy and facilitation measures.
<h2 dir="ltr">New classification criteria for MSMEs</h2>
Sitharaman ,who presented her eighth consecutive Union Budget 2025 on Saturday, announced new classification criteria for Micro, Small, and Medium Enterprises (MSMEs).
Also read | <a href="https://www.wionews.com/india-news/india-union-budget-2025-finance-minister-announces-new-classification-criteria-for-msmes-8680260">India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs</a>
She said that the Union Government will enhance credit guarantee cover for micro, small and medium enterprises to Rs 10 crore ($1,153,437) from the existing Rs 5 crore ($576,718).
Sitharaman said that customised credit cards with a limit of Rs 500,000 ($5767) will be started for small businesses registered on the Udyam Portal. These credit cards will be given to around 1 million businesses in the first year.
"The investment and turnover limits for the classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively. This will give them the confidence to grow and generate employment for youth," she added.
(With inputs from agencies)
&nbsp;

India News: Finance Minister Nirmala Sitharaman unveils an initiative aiming to position India as a global toy hub by enhancing cluster development, announced on February 1.

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced a scheme to make India a global hub for toys by focusing on cluster development. In her budget speech, Sitharaman said that the scheme will focus on the development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the 'Made in India' brand. "Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys," the FM said. Also read | ‘Force multiplier’ for India’s growth: PM Modi applauds Union Budget 2025 National Manufacturing Mission The Finance Minister also proposed a National Manufacturing Mission covering small, medium, and large industries for furthering “Make in India” in Budget 2025-26. The Mission’s mandate includes five focus areas: ease and cost of doing business, future-ready workforce for in-demand jobs, a vibrant and dynamic MSME sector, availability of technology, and quality products. Also read | ‘Band-aid for bullet wounds’: Rahul Gandhi criticises Centre over Union Budget 2025 “Our government will set up a National Manufacturing Mission covering small, medium, and large industries for furthering “Make in India” by providing policy support, execution roadmaps, governance and monitoring framework for central ministries and states,” Sitharaman said in her budget speech. To promote employment and entrepreneurship opportunities in labour-intensive sectors, the government will also undertake specific policy and facilitation measures. New classification criteria for MSMEs Sitharaman ,who presented her eighth consecutive Union Budget 2025 on Saturday, announced new classification criteria for Micro, Small, and Medium Enterprises (MSMEs). Also read | India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs She said that the Union Government will enhance credit guarantee cover for micro, small and medium enterprises to Rs 10 crore ($1,153,437) from the existing Rs 5 crore ($576,718). Sitharaman said that customised credit cards with a limit of Rs 500,000 ($5767) will be started for small businesses registered on the Udyam Portal. These credit cards will be given to around 1 million businesses in the first year. "The investment and turnover limits for the classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively. This will give them the confidence to grow and generate employment for youth," she added. (With inputs from agencies)

Union Budget 2025: FM Sitharaman announces scheme to make India ‘global hub for toys’

Indian Finance Minister Nirmala Sitharaman today (Saturday, Feb 1) presented the Union Budget for 2025-26, a day after unveiling the Economic Survey. Watch in for more details!

Revised income tax slabs, old regime vs new regime? Here's the catch!

Finance Minister Nirmala Sitharaman presented her eighth Union Budget 2025 on Saturday (Feb 1), announcing new classification criteria for Micro, Small, and Medium Enterprises (MSMEs).
She said that the Union Government will enhance credit guarantee cover for micro, small and medium enterprises to Rs 10 crore ($1,153,437) from the existing Rs 5 crore ($576,718).
Sitharaman said that customised credit cards with a limit of Rs 500,000 ($5767) will be started for small businesses registered on the Udyam Portal. These credit cards will be given to around 1 million businesses in the first year.
Also read | <a href="FM%20Sitharaman%20commences%20Budget%20speech%20amid%20protest%20by%20Samajwadi%20Party%20MPs%20as%20opposition%20stages%20walkout">FM Sitharaman commences Budget speech amid protest by Samajwadi Party MPs as opposition stages walkout</a>
<h2 dir="ltr">Investment and turnover limits of MSMEs to be enhanced</h2>
The finance minister said that the investment and turnover limits for the classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively.&nbsp;
This will give them the confidence to grow and generate employment for youth.
<blockquote class="twitter-tweet">
Making it Easier for MSMEs to get Loans Credit guarantee cover for MSMEs to be significantly enhanced Customized Credit Cards for Micro Enterprises to be introduced<a href="https://twitter.com/hashtag/ViksitBharatBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#ViksitBharatBudget2025</a> <a href="https://twitter.com/hashtag/Budget2025?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2025</a> <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> <a href="https://t.co/mLJTmKKnPt">pic.twitter.com/mLJTmKKnPt</a>
&mdash; Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1885565881834770848?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The Economic Survey, which was tabled in the Parliament on Friday (Jan 31), forecast a robust growth rate for India's economy, predicting an expansion between 6.3 and 6.8 per cent in the coming financial year (2025-26).
This survey illustrates India's robust economic fundamentals backed by a stable external account, fiscal consolidation, and private consumption.
"The fundamentals of the domestic economy remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption. On the balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent," it said.
(With inputs from agencies)

India, Business, Economy: Finance Minister Sitharaman introduces new MSME classification criteria to boost growth and streamline business operations.

Finance Minister Nirmala Sitharaman presented her eighth Union Budget 2025 on Saturday (Feb 1), announcing new classification criteria for Micro, Small, and Medium Enterprises (MSMEs). She said that the Union Government will enhance credit guarantee cover for micro, small and medium enterprises to Rs 10 crore ($1,153,437) from the existing Rs 5 crore ($576,718). Sitharaman said that customised credit cards with a limit of Rs 500,000 ($5767) will be started for small businesses registered on the Udyam Portal. These credit cards will be given to around 1 million businesses in the first year. Also read | FM Sitharaman commences Budget speech amid protest by Samajwadi Party MPs as opposition stages walkout Investment and turnover limits of MSMEs to be enhanced The finance minister said that the investment and turnover limits for the classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively. This will give them the confidence to grow and generate employment for youth. Making it Easier for MSMEs to get Loans Credit guarantee cover for MSMEs to be significantly enhanced Customized Credit Cards for Micro Enterprises to be introduced#ViksitBharatBudget2025 #Budget2025 #UnionBudget2025 pic.twitter.com/mLJTmKKnPt — Ministry of Finance (@FinMinIndia) February 1, 2025 The Economic Survey, which was tabled in the Parliament on Friday (Jan 31), forecast a robust growth rate for India's economy, predicting an expansion between 6.3 and 6.8 per cent in the coming financial year (2025-26). This survey illustrates India's robust economic fundamentals backed by a stable external account, fiscal consolidation, and private consumption. "The fundamentals of the domestic economy remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption. On the balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent," it said. (With inputs from agencies)

India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs

Indian Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2025-26. For the past eight years, her saree choices have been a topic of discussion. She has dominated budget-day headlines with her exquisite collection of sarees that has showcased her love for Handloom sarees and Indian craftsmanship.
Also read: <a href="https://www.wionews.com/india-news/india-budget-2025-26-live-updates-finance-minister-nirmala-sitharaman-to-unveil-this-years-budget-today-narendra-modi-pm-modi-budget-session-india-budget-president-droupadi-murmu-1st-feb-8679670">India Union Budget 2025-26 LIVE | Budget proceeding begin, FM Nirmala Sitharaman starts presentation amid uproar</a>
<h2>Nirmala Sitharaman pays tribute to Madhubani art&nbsp;</h2>
For her 8th budget, Sitharaman chose an artisanal masterpiece as she wore an elegant off-white saree with a gold border and intricate colourful print. She paired her saree with a contrasting red blouse. She opted to accessories her look with minimal gold jewellery, including a chain, earrings and bangles.&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Union Finance Minister Nirmala Sitharaman is wearing a saree as a tribute to Madhubani Art and the skill of Padma awardee Dulari Devi. Dulari Devi is a 2021 Padma Shri awardee. When FM visited Madhubani for a credit outreach activity at Mithila Art Institute,&hellip; <a href="https://t.co/Q9ur6abaNt">pic.twitter.com/Q9ur6abaNt</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885538353418018902?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

With this year's choice, FM paid tribute to Madhubani art by wearing a saree gifted by Padma Shri awardee Dulari Devi. The finance minister met Devi during a credit outreach event at Mithila Art Institute, where they shared thoughts on Bihar's rich Madhubani art tradition. While presenting the saree, Dulari Devi asked the FM to wear it for the budget day.
Also read:<a href="https://www.wionews.com/business-economy/nirmala-sitharaman-to-present-union-budget-2025-today-all-you-need-to-know-8679504"> </a><a href="https://www.wionews.com/business-economy/nirmala-sitharaman-to-present-union-budget-2025-today-all-you-need-to-know-8679504">Nirmala Sitharaman to present Union Budget 2025 today - All you&nbsp;need&nbsp;to&nbsp;know</a>
<h2>Nirmala Sitharaman's love for Indian textiles</h2>
Over the years, Sitharam has actively promoted India's rich heritage of handwoven textiles and underrated craftsmanship through the variety of sarees she has worn.
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<div class="f1yzq0lr">For the 2024 budget, she chose a white silk Mangalagiri saree, honouring the heritage of Andhra Pradesh. Earlier, in Feb 2024, during the interim budget, she wore a blue saree featuring traditional Kantha embroidery from West Bengal.</div>
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<h2>Madhubani print: History and significance</h2>
Madhubani painting aka Mithila art, is a traditional Indian art&nbsp;form originating from the Mithila region of Bihar. This form is appreciated worldwide for its intricate patterns, fine detailing and vibrant colours.
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 Entertainment | Lifestyle  India News | Trending I For her 8th budget, Sitharaman chose an artisanal masterpiece, opting for an elegant white saree. She paid tribute to Madhubani art by wearing a saree gifted by Padma Shri awardee Dulari Devi.

Indian Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2025-26. For the past eight years, her saree choices have been a topic of discussion. She has dominated budget-day headlines with her exquisite collection of sarees that has showcased her love for Handloom sarees and Indian craftsmanship. Also read: India Union Budget 2025-26 LIVE | Budget proceeding begin, FM Nirmala Sitharaman starts presentation amid uproar Nirmala Sitharaman pays tribute to Madhubani art For her 8th budget, Sitharaman chose an artisanal masterpiece as she wore an elegant off-white saree with a gold border and intricate colourful print. She paired her saree with a contrasting red blouse. She opted to accessories her look with minimal gold jewellery, including a chain, earrings and bangles. #UnionBudget2025 | Union Finance Minister Nirmala Sitharaman is wearing a saree as a tribute to Madhubani Art and the skill of Padma awardee Dulari Devi. Dulari Devi is a 2021 Padma Shri awardee. When FM visited Madhubani for a credit outreach activity at Mithila Art Institute,… pic.twitter.com/Q9ur6abaNt — ANI (@ANI) February 1, 2025 With this year's choice, FM paid tribute to Madhubani art by wearing a saree gifted by Padma Shri awardee Dulari Devi. The finance minister met Devi during a credit outreach event at Mithila Art Institute, where they shared thoughts on Bihar's rich Madhubani art tradition. While presenting the saree, Dulari Devi asked the FM to wear it for the budget day. Also read: Nirmala Sitharaman to present Union Budget 2025 today - All you need to know Nirmala Sitharaman's love for Indian textiles Over the years, Sitharam has actively promoted India's rich heritage of handwoven textiles and underrated craftsmanship through the variety of sarees she has worn. For the 2024 budget, she chose a white silk Mangalagiri saree, honouring the heritage of Andhra Pradesh. Earlier, in Feb 2024, during the interim budget, she wore a blue saree featuring traditional Kantha embroidery from West Bengal. Madhubani print: History and significance Madhubani painting aka Mithila art, is a traditional Indian art form originating from the Mithila region of Bihar. This form is appreciated worldwide for its intricate patterns, fine detailing and vibrant colours.

Budget 2025:  FM Nirmala Sitharaman pays tribute to Madhubani art, dons elegant off-white saree

Finance Minister Nirmala Sitharaman is presenting the <a href="https://www.wionews.com/tags/union-budget-2025" rel="dofollow noopener" target="_blank">Union Budget</a> for the financial year 2025-26 on Saturday (Feb 1). The budget speech began at 11:00 AM (IST) in the Lok Sabha, where she will be outlining the government's revenue expectations and expenditure plans. Following her address in the lower house, the Budget documents will be submitted&nbsp;in the Rajya Sabha.
This marks Sitharaman's eighth consecutive Union Budget, setting a record for a finance minister's most successive budget presentations.
<a href="https://www.wionews.com/india-news/insult-of-100-million-tribals-pm-modi-slams-congress-over-remarks-on-president-murmu-8678367" rel="dofollow noopener" target="_blank">Also read: 'Insult of 100 million tribals': PM Modi slams Congress over remarks on President Murmu</a>
<h2>Budget Session of Parliament begins</h2>
The Budget Session commenced on Friday (Jan 31), with President Droupadi Murmu delivering her address to theParliament. The session has been divided into two phases&mdash;the first part runs until February 13, while the second part will take place from March 10 to April 4.
On Friday, Sitharaman also tabled the Economic Survey in Parliament, which forecasts India&rsquo;s GDP growth to be within 6.3-6.8% for the upcoming financial year.
<h2>Where to watch the Budget speech live</h2>
The Budget speech will be streamed live from 11:00 am on February 1. Viewers can watch it on:
<ul>
<li>The official Union Budget website (indiabudget.gov.in)</li>
<li>Sansad TV</li>
</ul>
Also read: <a href="https://www.wionews.com/india-news/bjp-slams-sonia-gandhi-over-poor-lady-comment-on-president-murmu-watch-what-she-said-8677800">'Unfortunate, entirely avoidable': Rashtrapati Bhavan condemns Sonia Gandhi's remark on President Murmu's speech</a>
<h2>Expectations from Budget 2025</h2>
The upcoming budget is anticipated to bring key reforms, particularly in the agriculture sector. There is speculation about major tax changes, including the phasing out of the old tax regime, as per media reports. Balancing economic growth and fiscal consolidation will be a key challenge, especially with rising inflation. There is also growing demand for &lsquo;industry&rsquo; status for the real estate sector and increased budgetary support for artificial intelligence (AI) development.
<h2>PM Modi and President Murmu on Budget 2025</h2>
Ahead of the Budget, President Droupadi Murmu hinted at potential tax relief for the middle class, emphasising their role in India&rsquo;s economic progress.
Also read: <a href="https://www.wionews.com/india-news/india-parliament-budget-session-day-1-live-president-droupadi-murmu-to-address-both-houses-of-parliament-india-budget-session-begins-today-8676591">India Budget Session Day 1 | President Murmu&rsquo;s speech, Economic Survey tabled &ndash; As it happened</a>
Prime Minister Narendra Modi expressed optimism about the Budget&rsquo;s impact on the economy. Speaking to the media outside Parliament, he said, "Ahead of the Budget session, I bow down to Goddess Lakshmi, the goddess of wealth and prosperity... I pray that Goddess Lakshmi continues to bless the poor and middle class of our country. It is a matter of great pride that India has completed 75 years as a democratic nation."
<h2>Stock market to remain open on Budget day</h2>
Despite February 1 falling on a Saturday, the Indian stock market (BSE and NSE) will remain open due to the Budget announcement.
A statement from the exchanges confirmed, "On account of the presentation of the Union Budget, Exchange shall be conducting a live trading session on February 1, 2025."
(With inputs from agencies)

Business & Economy, India news: This is Sitharaman's eighth consecutive Union Budget, setting a record for a finance minister's most successive budget presentations.

Finance Minister Nirmala Sitharaman is presenting the Union Budget for the financial year 2025-26 on Saturday (Feb 1). The budget speech began at 11:00 AM (IST) in the Lok Sabha, where she will be outlining the government's revenue expectations and expenditure plans. Following her address in the lower house, the Budget documents will be submitted in the Rajya Sabha. This marks Sitharaman's eighth consecutive Union Budget, setting a record for a finance minister's most successive budget presentations. Also read: 'Insult of 100 million tribals': PM Modi slams Congress over remarks on President Murmu Budget Session of Parliament begins The Budget Session commenced on Friday (Jan 31), with President Droupadi Murmu delivering her address to theParliament. The session has been divided into two phases—the first part runs until February 13, while the second part will take place from March 10 to April 4. On Friday, Sitharaman also tabled the Economic Survey in Parliament, which forecasts India’s GDP growth to be within 6.3-6.8% for the upcoming financial year. Where to watch the Budget speech live The Budget speech will be streamed live from 11:00 am on February 1. Viewers can watch it on: The official Union Budget website (indiabudget.gov.in) Sansad TV Also read: 'Unfortunate, entirely avoidable': Rashtrapati Bhavan condemns Sonia Gandhi's remark on President Murmu's speech Expectations from Budget 2025 The upcoming budget is anticipated to bring key reforms, particularly in the agriculture sector. There is speculation about major tax changes, including the phasing out of the old tax regime, as per media reports. Balancing economic growth and fiscal consolidation will be a key challenge, especially with rising inflation. There is also growing demand for ‘industry’ status for the real estate sector and increased budgetary support for artificial intelligence (AI) development. PM Modi and President Murmu on Budget 2025 Ahead of the Budget, President Droupadi Murmu hinted at potential tax relief for the middle class, emphasising their role in India’s economic progress. Also read: India Budget Session Day 1 | President Murmu’s speech, Economic Survey tabled – As it happened Prime Minister Narendra Modi expressed optimism about the Budget’s impact on the economy. Speaking to the media outside Parliament, he said, "Ahead of the Budget session, I bow down to Goddess Lakshmi, the goddess of wealth and prosperity... I pray that Goddess Lakshmi continues to bless the poor and middle class of our country. It is a matter of great pride that India has completed 75 years as a democratic nation." Stock market to remain open on Budget day Despite February 1 falling on a Saturday, the Indian stock market (BSE and NSE) will remain open due to the Budget announcement. A statement from the exchanges confirmed, "On account of the presentation of the Union Budget, Exchange shall be conducting a live trading session on February 1, 2025." (With inputs from agencies)

Nirmala Sitharaman presents Union Budget 2025 - All you need to know

Sixteen key bills are set to be tabled in Parliament's Budget session, which kicks off on Friday (Jan 31). These bills include the Finance Bill 2025, amendments to the Waqf Act and Banking Regulations Act, and a proposal to merge the Indian Railways Act and the Indian Railways Board Act.&nbsp;
Following the Waqf (Amendment) Bill, the Indian government is reportedly focusing on ensuring the smooth passage of the Immigration and Foreigners Bill. The legislation is expected to introduce stricter measures for immigration control, enhance border security, and empower authorities to take decisive action against illegal migrants.
Union Finance Minister Nirmala Sitharaman will table the Economic Survey ahead of the presentation of the Union Budget on Saturday (Feb 1).
Also read | <a href="https://www.wionews.com/business-economy/budget-session-begins-tomorrow-in-parliament-president-murmu-to-address-both-houses-8676213">Budget Session begins tomorrow, President Murmu to address both Houses of Parliament</a>
<h2 dir="ltr">Others bills</h2>
The other Bills included in the priority list for legislative business for the budget session include the Disaster Management (Amendment) Bill, 2024 to disaster preparedness and response mechanisms, the Finance Bill, 2025, which is crucial for implementing fiscal policies outlined in the Union Budget and the Tribhuvan Sahkari University Bill, 2025.
Bills looking to safeguard financial interests related to the aviation sector and change current regulations relating to immigration and the entry of foreigners are also expected this session.
In this session, Finance Minister Sitharaman will present an eighth union budget - leaving her just two behind the record of 10 set by Morarji Desai.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-prime-ministers-who-presented-union-budget-8675171">Union Budget 2025: Prime Ministers who presented Union Budget</a>
<h2 dir="ltr">Waqf (Amendment) Bill</h2>
The bill proposing 44 changes to Waqf laws - the way Muslim charitable properties are managed in this country - was presented in Parliament in August last year.
The controversial bill triggered furious protests from the opposition as soon as it was tabled and referred to a joint committee led by BJP MP Jagadambika Pal. The JPC - which held nearly three dozen sittings, but was rocked by chaos and protests from outnumbered opposition members, who said their concerns were being ignored - presented its report this week.
Also read | <a href="https://www.wionews.com/india-news/list-of-finance-ministers-who-have-presented-the-union-budget-from-1947-to-2025-8675173">List of finance ministers who presented the Union Budget from 1947 to 2025</a>
<h2 dir="ltr">What is an Economic Survey?</h2>
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2024-25 (April-March) and some outlook for the next fiscal.
The Economy Survey document may also give some idea about the tone and texture of the actual Budget for 2025-26, to be presented on Saturday.
(With inputs from agencies)

India News: Sixteen crucial bills, including the pivotal Finance Bill, are set to be introduced in Parliament's upcoming Budget session starting Friday, marking significant legislative activity.

Sixteen key bills are set to be tabled in Parliament's Budget session, which kicks off on Friday (Jan 31). These bills include the Finance Bill 2025, amendments to the Waqf Act and Banking Regulations Act, and a proposal to merge the Indian Railways Act and the Indian Railways Board Act. Following the Waqf (Amendment) Bill, the Indian government is reportedly focusing on ensuring the smooth passage of the Immigration and Foreigners Bill. The legislation is expected to introduce stricter measures for immigration control, enhance border security, and empower authorities to take decisive action against illegal migrants. Union Finance Minister Nirmala Sitharaman will table the Economic Survey ahead of the presentation of the Union Budget on Saturday (Feb 1). Also read | Budget Session begins tomorrow, President Murmu to address both Houses of Parliament Others bills The other Bills included in the priority list for legislative business for the budget session include the Disaster Management (Amendment) Bill, 2024 to disaster preparedness and response mechanisms, the Finance Bill, 2025, which is crucial for implementing fiscal policies outlined in the Union Budget and the Tribhuvan Sahkari University Bill, 2025. Bills looking to safeguard financial interests related to the aviation sector and change current regulations relating to immigration and the entry of foreigners are also expected this session. In this session, Finance Minister Sitharaman will present an eighth union budget - leaving her just two behind the record of 10 set by Morarji Desai. Also read | Union Budget 2025: Prime Ministers who presented Union Budget Waqf (Amendment) Bill The bill proposing 44 changes to Waqf laws - the way Muslim charitable properties are managed in this country - was presented in Parliament in August last year. The controversial bill triggered furious protests from the opposition as soon as it was tabled and referred to a joint committee led by BJP MP Jagadambika Pal. The JPC - which held nearly three dozen sittings, but was rocked by chaos and protests from outnumbered opposition members, who said their concerns were being ignored - presented its report this week. Also read | List of finance ministers who presented the Union Budget from 1947 to 2025 What is an Economic Survey? The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2024-25 (April-March) and some outlook for the next fiscal. The Economy Survey document may also give some idea about the tone and texture of the actual Budget for 2025-26, to be presented on Saturday. (With inputs from agencies)

India: Centre to introduce 16 bills including Waqf Amendment Act during Budget session

As India’s Union Budget 2025 nears its final stage of preparation, all eyes are on key measures and reforms that could shape the nation’s economy. Here’s a glimpse at what the budget may hold for individuals, businesses, and the country.

India's Union Budget 2025: What's in it for you? | Final stage of budget prep underway

The Halwa ceremony, marking the final stage of the Union Budget 2025-26 preparation process, will be held on Friday (Jan 24) at 5 PM in the Central Secretariat's North Block, New Delhi, in the presence of Union Finance Minister Nirmala Sitharaman.
The ceremony will be led by Finance Minister Sitharaman in the presence of Union Minister of State for Finance Pankaj Chaudhary and secretaries. The officers and staff involved in the preparation and compilation of the budget would also be present.
Also read | <a href="https://www.wionews.com/india-news/indian-budget-2025-personal-tax-reformswhat-to-expect-for-individual-taxpayers-8647084">Indian Budget 2025: Personal tax reforms&ndash;What to expect for individual taxpayers?</a>
<h2 dir="ltr">What is the Halwa ceremony?</h2>
The halwa ceremony is a customary ritual observed a few days before the budget presentation in the Parliament, involving the preparation and serving of "halwa" to officials and staff involved in the budget's preparation.
The halwa ceremony also marks the beginning of the lock-in period at the finance ministry, meaning that no official involved in the budget process is allowed to leave the North Block premises.
During this period, they are cut off from external communication, including mobile phones, and are allowed to leave only after the financial document is presented in Parliament. This ensures the confidentiality of the budget documents.
Also read | <a href="https://www.wionews.com/business-economy/budget-2025-middle-class-hopes-for-relief-as-tax-reform-takes-centre-stage-8647823">Budget 2025: Middle class hopes for relief as tax reform takes centre stage</a>
<h2 dir="ltr">Significance of Halwa ceremony</h2>
The making of the sweet dish is not just a festive event but majorly celebrates the hard work that goes in before the final stage of the budget preparation. Consequently, all the staff members who have been involved in the drafting of the budget are acknowledged for their contribution to the process.
Finance Minister Sitharaman is known for her active participation in the ceremony and is often photographed stirring the halwa in a large &lsquo;kadai&rsquo; (wok) in the North Block and serving the sweet dish to everyone involved in the budget-making process.
The ceremony also symbolises the start of the lock-in period, which is done to maintain the confidentiality and security of the Union Budget.
The budget session of parliament will begin on January 31 and end on April 4, with an inter-session break from February 14. President Droupadi Murmu will address the joint sitting of the two houses of Parliament on January 31.
(With inputs from agencies)

India News | Business & Economy: The Halwa ceremony, a traditional event marking the final stage of Union Budget preparations, will take place on January 24 at PM in the North Block.

The Halwa ceremony, marking the final stage of the Union Budget 2025-26 preparation process, will be held on Friday (Jan 24) at 5 PM in the Central Secretariat's North Block, New Delhi, in the presence of Union Finance Minister Nirmala Sitharaman. The ceremony will be led by Finance Minister Sitharaman in the presence of Union Minister of State for Finance Pankaj Chaudhary and secretaries. The officers and staff involved in the preparation and compilation of the budget would also be present. Also read | Indian Budget 2025: Personal tax reforms–What to expect for individual taxpayers? What is the Halwa ceremony? The halwa ceremony is a customary ritual observed a few days before the budget presentation in the Parliament, involving the preparation and serving of "halwa" to officials and staff involved in the budget's preparation. The halwa ceremony also marks the beginning of the lock-in period at the finance ministry, meaning that no official involved in the budget process is allowed to leave the North Block premises. During this period, they are cut off from external communication, including mobile phones, and are allowed to leave only after the financial document is presented in Parliament. This ensures the confidentiality of the budget documents. Also read | Budget 2025: Middle class hopes for relief as tax reform takes centre stage Significance of Halwa ceremony The making of the sweet dish is not just a festive event but majorly celebrates the hard work that goes in before the final stage of the budget preparation. Consequently, all the staff members who have been involved in the drafting of the budget are acknowledged for their contribution to the process. Finance Minister Sitharaman is known for her active participation in the ceremony and is often photographed stirring the halwa in a large ‘kadai’ (wok) in the North Block and serving the sweet dish to everyone involved in the budget-making process. The ceremony also symbolises the start of the lock-in period, which is done to maintain the confidentiality and security of the Union Budget. The budget session of parliament will begin on January 31 and end on April 4, with an inter-session break from February 14. President Droupadi Murmu will address the joint sitting of the two houses of Parliament on January 31. (With inputs from agencies)

Indian Budget 2025: What is halwa ceremony and its significance

Amid uproar over high taxation, the Indian government is reportedly considering a major relief for middle-class taxpayers, especially for those earning up to INR 15 lakh annually (US$ 17,590). Reports in Indian media claimed that the move can be announced in the budget for 2025 on February 1, aimed at boosting consumer spending amid a slowing economy.
The proposed move will also help tackle high cost of living crisis, as urban taxpayers have long complained of rising expenses and taxation.&nbsp;
<h2>What&rsquo;s current tax regime?</h2>
As per the latest income taxation regime announced in 2020, incomes ranging from 3 lakh to 10.5 lakh attract tax rates between 5 per cent and 20 per cent. Those earning more than 10.5 lakh have to pay a staggering 30 per cent tax.&nbsp;
Today, Indian taxpayers have the option to choose from two regimes: The older one, which offers exemptions for expenses like housing rentals and insurance; and the newer one which offers lower taxation rates but eliminates most of the exemptions.
<a href="https://www.wionews.com/india-news/memes-take-social-media-by-storm-as-gst-council-clarifies-18-gst-on-caramelised-popcorn-786150" rel="dofollow">Also read: Memes take social media by storm amid clarification over 18% GST on caramelised popcorn</a>
Now, if the proposed tax relief is offered, more people will rush to adopt the simplified 2020 regime.
The reports clarify that the government, led by Prime Minister Narendra Modi, has not yet decided on the size of the cut or relief yet. The finance ministry or Minister Nirmala Sitharaman has not made any comment on these reports.
<h2>Indian economy slows down</h2>
The changes to Indian taxation system are being considered amid concerns over rising economic challenges. The GDP growth rate between July and September in 2024 stumbled to the lowest in past seven quarters.
<a href="https://www.wionews.com/world/they-tax-us-we-tax-them-trump-issues-fresh-threat-to-india-over-high-tariff-784819" rel="dofollow">Also read: &lsquo;They tax us, we tax them,&rsquo; Trump issues fresh threat to India over &lsquo;high tariffs&rsquo;</a>
The food inflation is on the rise as well, further leading to cost of living crisis. A decline in the sale of goods like vehicles, household items, and personal care products also indicate worrying trends for the economy. By offering tax relief, the government wants to boost spending and fuel growth.
(With inputs from agencies)

India News | If implemented, the move will help tackle the high cost of living crisis, as urban taxpayers have long complained of rising expenses and taxation. 

Amid uproar over high taxation, the Indian government is reportedly considering a major relief for middle-class taxpayers, especially for those earning up to INR 15 lakh annually (US$ 17,590). Reports in Indian media claimed that the move can be announced in the budget for 2025 on February 1, aimed at boosting consumer spending amid a slowing economy. The proposed move will also help tackle high cost of living crisis, as urban taxpayers have long complained of rising expenses and taxation. What’s current tax regime? As per the latest income taxation regime announced in 2020, incomes ranging from 3 lakh to 10.5 lakh attract tax rates between 5 per cent and 20 per cent. Those earning more than 10.5 lakh have to pay a staggering 30 per cent tax. Today, Indian taxpayers have the option to choose from two regimes: The older one, which offers exemptions for expenses like housing rentals and insurance; and the newer one which offers lower taxation rates but eliminates most of the exemptions. Also read: Memes take social media by storm amid clarification over 18% GST on caramelised popcorn Now, if the proposed tax relief is offered, more people will rush to adopt the simplified 2020 regime. The reports clarify that the government, led by Prime Minister Narendra Modi, has not yet decided on the size of the cut or relief yet. The finance ministry or Minister Nirmala Sitharaman has not made any comment on these reports. Indian economy slows down The changes to Indian taxation system are being considered amid concerns over rising economic challenges. The GDP growth rate between July and September in 2024 stumbled to the lowest in past seven quarters. Also read: ‘They tax us, we tax them,’ Trump issues fresh threat to India over ‘high tariffs’ The food inflation is on the rise as well, further leading to cost of living crisis. A decline in the sale of goods like vehicles, household items, and personal care products also indicate worrying trends for the economy. By offering tax relief, the government wants to boost spending and fuel growth. (With inputs from agencies)

Major relief for Indian middle class? Govt mulls tax cuts amid economic challenges: Reports

Is this a case of sugar-coating taxes? India's GST Council, chaired by Finance Minister Nirmala Sitharaman, has surprised moviegoers and snack lovers by introducing different rates of Goods and Services Tax (GST) for popcorn. Prepacked salted popcorn will now attract a 12% GST, while caramelized popcorn faces a steep 18%. Earlier, the GST rate was uniformly 5% for all kinds of popcorn. Watch in for more details!



Caramel Popcorn Tax: Nirmala Sitharaman Explains Why Government Levied Extra GST

Is this a case of sugar-coating taxes? India's GST Council, chaired by Finance Minister Nirmala Sitharaman, has surprised moviegoers and snack lovers by introducing different rates of Goods and Services Tax (GST) for popcorn. Prepacked salted popcorn will now attract a 12% GST, while caramelized popcorn faces a steep 18%. Earlier, the GST rate was uniformly 5% for all kinds of popcorn. Watch in for more details!

New Delhi, India
Following the Goods and Services Tax (GST) Council’s clarification on the three different tax slabs for popcorn, Congress called it an “absurdity” and highlighted the system's increasing complexity on Sunday (Dec 22). The party also questioned whether Prime Minister Narendra Modi and the Finance Ministry will show the courage to launch a remodelled GST 2.0.
On Saturday (Dec 21), Finance Minister Nirmala Sitharaman clarified the tax breakup of different types of popcorn during the GST Council, a video of which has gone viral on social media, sparking memes.
In the video, Sitharaman explains that ready-to-eat popcorn that has salt and spices is classified as ‘namkeens’ and attracts five per cent GST and 12 per cent on the pre-packaged and labelled ones. However, caramelised popcorn will attract 18 per cent GST as it is mixed with sugar.
Also read | <a href="https://www.wionews.com/india-news/memes-take-social-media-by-storm-as-gst-council-clarifies-18-gst-on-caramelised-popcorn-786150">Memes take social media by storm as GST Council clarifies 18% GST on caramelised popcorn</a>
“When popcorn is mixed with sugar thereby changing its character to sugar confectionary (Ex: caramel popcorn), it would be classifiable under HS 1704 90 90 [sugar confectionary] and attract 18 per cent GST,” Sitharaman said in the press briefing.
“When you talk outside it looks silly… but during discussions with states in Fitment Committee on every item, it is clearly mentioned that things with added sugar are treated differently… be it drinks, carbonated drinks, juice… whatever has added sugar. This is why, till the time popcorn is salted, it attracts five per cent GST. But when it has added caramelised sugar, it is no longer namkeen, hence, its rate is different,” Sitharaman added.
<h2>Congress criticises the GST system</h2>
On Sunday (Dec 22), Congress general secretary in-charge communications Jairam Ramesh said that there is significant GST evasion. He also said that input tax credit fraud is common and many fraudulent companies have come up to “game” the GST system.
Also read | <a href="https://www.wionews.com/india-news/pm-modis-historic-visit-to-kuwait-a-new-era-for-stronger-ties-between-india-kuwait-relations-785961">Indian PM Modi conferred with Kuwait's highest honour, The Order of Mubarak Al Kabeer</a>
“The absurdity of three different tax slabs for popcorn under GST, which has unleashed a tsunami of memes on social media, only brings to light a deeper issue: the growing complexity of a system that was supposed to be a Good and Simple Tax,” he said in a post on X.
“Tracking of supply chains is weak, the registration process is flawed, advantages are being taken of loopholes in turnover exemptions, compliance requirements are still cumbersome, and misclassification of goods is frequent. Recent data on tax frauds uncovered by the Directorate General of GST Intelligence (DGGI) reveal GST evasion of Rs 2.01 lakh crore in FY24,” he described. 
“With the Union Budget now just 40 days away, will the PM and FM summon the courage to launch a complete overhaul and institute a GST 2.0?” Ramesh asked.
(With inputs from agencies)

Congress general secretary in-charge communications Jairam Ramesh said on Sunday (Dec 22) that there is significant GST evasion. He also said that input tax credit fraud is common and many fraudulent companies have come up to “game” the GST system



New Delhi, India Following the Goods and Services Tax (GST) Council’s clarification on the three different tax slabs for popcorn, Congress called it an “absurdity” and highlighted the system's increasing complexity on Sunday (Dec 22). The party also questioned whether Prime Minister Narendra Modi and the Finance Ministry will show the courage to launch a remodelled GST 2.0. On Saturday (Dec 21), Finance Minister Nirmala Sitharaman clarified the tax breakup of different types of popcorn during the GST Council, a video of which has gone viral on social media, sparking memes. In the video, Sitharaman explains that ready-to-eat popcorn that has salt and spices is classified as ‘namkeens’ and attracts five per cent GST and 12 per cent on the pre-packaged and labelled ones. However, caramelised popcorn will attract 18 per cent GST as it is mixed with sugar. Also read | Memes take social media by storm as GST Council clarifies 18% GST on caramelised popcorn “When popcorn is mixed with sugar thereby changing its character to sugar confectionary (Ex: caramel popcorn), it would be classifiable under HS 1704 90 90 [sugar confectionary] and attract 18 per cent GST,” Sitharaman said in the press briefing. “When you talk outside it looks silly… but during discussions with states in Fitment Committee on every item, it is clearly mentioned that things with added sugar are treated differently… be it drinks, carbonated drinks, juice… whatever has added sugar. This is why, till the time popcorn is salted, it attracts five per cent GST. But when it has added caramelised sugar, it is no longer namkeen, hence, its rate is different,” Sitharaman added. Congress criticises the GST system On Sunday (Dec 22), Congress general secretary in-charge communications Jairam Ramesh said that there is significant GST evasion. He also said that input tax credit fraud is common and many fraudulent companies have come up to “game” the GST system. Also read | Indian PM Modi conferred with Kuwait's highest honour, The Order of Mubarak Al Kabeer “The absurdity of three different tax slabs for popcorn under GST, which has unleashed a tsunami of memes on social media, only brings to light a deeper issue: the growing complexity of a system that was supposed to be a Good and Simple Tax,” he said in a post on X. “Tracking of supply chains is weak, the registration process is flawed, advantages are being taken of loopholes in turnover exemptions, compliance requirements are still cumbersome, and misclassification of goods is frequent. Recent data on tax frauds uncovered by the Directorate General of GST Intelligence (DGGI) reveal GST evasion of Rs 2.01 lakh crore in FY24,” he described. “With the Union Budget now just 40 days away, will the PM and FM summon the courage to launch a complete overhaul and institute a GST 2.0?” Ramesh asked. (With inputs from agencies)

Congress criticises govt over caramel popcorn GST, asks if PM will show courage for GST overhaul

New Delhi
The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.
Key points
What's cheaper now?
- fortified rice kernels
- gene therapy
- food preparations for free distribution
- systems for long range surface-to-air missile assembly
- inspection equipment for atomic energy
- pepper &amp; raisins supplied by agriculturists

what's expensive now?
- old &amp; used vehicle (including EVs)
- ready-to-eat popcorn
- autoclaved aerated concrete blocks
- sponsorship services by corporates
- penalty-only appeals

Popcorns
For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent.
Health Insurance
While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same.
Automotives &amp; EVs
The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules.
Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent.
Adjustments on luxury &amp; essential goods
The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses.
Aviation Fuel
According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today".
Construction and agricultural goods
ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST.
Also read: <a href="https://www.wionews.com/business-economy/money-wise-planning-to-become-a-sip-expert-here-are-some-golden-rules-to-reap-profits-785260">Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits</a>

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman.



New Delhi The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made. Key points What's cheaper now? - fortified rice kernels - gene therapy - food preparations for free distribution - systems for long range surface-to-air missile assembly - inspection equipment for atomic energy - pepper & raisins supplied by agriculturists what's expensive now? - old & used vehicle (including EVs) - ready-to-eat popcorn - autoclaved aerated concrete blocks - sponsorship services by corporates - penalty-only appeals Popcorns For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent. Health Insurance While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same. Automotives & EVs The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules. Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent. Adjustments on luxury & essential goods The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses. Aviation Fuel According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today". Construction and agricultural goods ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST. Also read: Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits

55th GST council meeting: key discussion points

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.

Key points

What's cheaper now?

- fortified rice kernels

- gene therapy

- food preparations for free distribution

- systems for long range surface-to-air missile assembly

- inspection equipment for atomic energy

- pepper &amp; raisins supplied by agriculturists

&nbsp;

what's expensive now?

- old &amp; used vehicle (including EVs)

- ready-to-eat popcorn

- autoclaved aerated concrete blocks

- sponsorship services by corporates

- penalty-only appeals

&nbsp;

Popcorns

For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn&nbsp;(mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect&nbsp;Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent.

Health Insurance

While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same.

Automotives &amp; EVs

The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller&nbsp;modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules.

Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent.

Adjustments on luxury &amp; essential goods

The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore&nbsp;annually. Meanwhile,&nbsp;the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses.

Aviation Fuel

According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today".

Construction and agricultural&nbsp;goods

ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-planning-to-become-a-sip-expert-here-are-some-golden-rules-to-reap-profits-785260">Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits</a>

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made. Key points What's cheaper now? - fortified rice kernels - gene therapy - food preparations for free distribution - systems for long range surface-to-air missile assembly - inspection equipment for atomic energy - pepper & raisins supplied by agriculturists what's expensive now? - old & used vehicle (including EVs) - ready-to-eat popcorn - autoclaved aerated concrete blocks - sponsorship services by corporates - penalty-only appeals Popcorns For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent. Health Insurance While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same. Automotives & EVs The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules. Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent. Adjustments on luxury & essential goods The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses. Aviation Fuel According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today". Construction and agricultural goods ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST. Also read: Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits

Vijay Mallya, in a social media post, questioned how he could be considered an economic offender after more than double the amount was recovered that had been determined by the courts as debt owed. He cited a statement by Finance Minister Nirmala Sitharaman in parliament regarding the recovery of over 14,130 crore rupees from assets attached to him.

Mallya Questions Over Claim of 14,000 Crore Rupees Debt Recovery

New Delhi, India
Fugitive businessman Vijay Mallya claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks. 
Mallya claimed that he was entitled to relief a day after India's Finance Minister Nirmala Sitharaman informed the Parliament that Rs 141.31 billion (Rs 14131.6 crore) was recovered from Mallya by the banks. 
The recovery was made in the Kingfisher Airlines debt, which was estimated to be Rs 62.03 billion by a tribunal.
Taking to X, Mallya said, "The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores, including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores, and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue."
"Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me," he added.
Also Read: <a href="https://www.wionews.com/india-news/vijay-mallya-nirav-modi-mehul-choksi-major-asset-recovery-nirmala-sitharaman-praises-eds-efforts-784910">Sitharaman lauds ED’s efforts in recovering assets from Vijay Mallya, Nirav Modi, Mehul Choksi</a>
"Government and my many critics say that I have CBI criminal cases to answer. What criminal cases are filed by CBI? Never borrowed a single rupee, never stole, but as guarantor of KFA debt, I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why no conclusive evidence of fraud and misuse of funds ?" said Mallya in another post.
<h2>Here's what Sitharaman said</h2>
Speaking in Parliament, FM Sitharaman spoke about various cases in which assets linked to economic offences were recovered by the Enforcement Directorate (ED). 
The cases mentioned involved Nirav Modi, Mehul Choksi, Vijay Mallya, and the National Spot Exchange Ltd scam. The minister said that the government has been pursuing those who allegedly committed economic offences.
Watch: India Pushes UK for Extradition of Vijay Mallya and Nirav Modi on G20 Sidelines
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://cdn.thepublive.com/wion/static/kaltura_player/wion_video_player_iframe.html?thumbnail=wion/media/post_attachments/files/2024/11/19/1911_WION_MODI_3PM-1732013707-00000003.jpg&videourl=https://vodakm.zeenews.com/vod/WION/1911_WION_MODI_3PM.mp4/index.m3u8&duration=155&tags=india,UK,G20 summit,Vijay Mallya,Nirav Modi" style="width:100%;max-width:560px;" width="560"></iframe></div>
FM Sitharaman said that they have restored property worth Rs 141.316 billion, which belonged to Mallya. 
"It is important to recognise that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back," she said.
(With inputs from agencies)

India's finance minister claimed that the recoveries exceeded Rs 140 billion, however, Mallya said that the debt was only Rs 62.03 billion and that the IDBI loan of Rs 9 billion was repaid by him 

 



New Delhi, India Fugitive businessman Vijay Mallya claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks. Mallya claimed that he was entitled to relief a day after India's Finance Minister Nirmala Sitharaman informed the Parliament that Rs 141.31 billion (Rs 14131.6 crore) was recovered from Mallya by the banks. The recovery was made in the Kingfisher Airlines debt, which was estimated to be Rs 62.03 billion by a tribunal. Taking to X, Mallya said, "The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores, including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores, and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue." "Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me," he added. Also Read: Sitharaman lauds ED’s efforts in recovering assets from Vijay Mallya, Nirav Modi, Mehul Choksi "Government and my many critics say that I have CBI criminal cases to answer. What criminal cases are filed by CBI? Never borrowed a single rupee, never stole, but as guarantor of KFA debt, I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why no conclusive evidence of fraud and misuse of funds ?" said Mallya in another post. Here's what Sitharaman said Speaking in Parliament, FM Sitharaman spoke about various cases in which assets linked to economic offences were recovered by the Enforcement Directorate (ED). The cases mentioned involved Nirav Modi, Mehul Choksi, Vijay Mallya, and the National Spot Exchange Ltd scam. The minister said that the government has been pursuing those who allegedly committed economic offences. Watch: India Pushes UK for Extradition of Vijay Mallya and Nirav Modi on G20 Sidelines FM Sitharaman said that they have restored property worth Rs 141.316 billion, which belonged to Mallya. "It is important to recognise that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back," she said. (With inputs from agencies)

Vijay Mallya says he paid double of his debt amount, claims 'entitled to relief'

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