Nirmala Sitharaman Press Conference: Finance Ministry Officials Speak On Steps Taken To Boost Economy
Nirmala Sitharaman Says No Discussion On GST Rate Hike Yet
Ahead of the crucial meeting of the Goods and Services Tax Council, Finance Minister Nirmala Sitharaman on Friday said the buzz of an increase in GST rates is everywhere other than her office.
She was responding to a question on talk of current GST rates being raised to make up for the fall in revenues that has even hampered giving compensation to states for loss of revenue from implementation of the indirect tax regime.
“Buzz is everywhere other than my office,” she remarked. Sitharaman, however, did not rule out a hike in GST rates, saying her ministry is yet to apply its mind to it.
Watch the press conference here.
Impact Of Corporate Tax Reduction
Revenue Secretary AB Pandey said that the government will get a fair estimate of corporate tax deduction after advance tax instalment which is due on Dec. 15.
Higher Refund Of Taxes
The Revenue Secretary has said that the government has made more refund on both indirect and direct taxes this year. Total refunds stood at Rs 2.2 lakh crore till November, he said.
Bulk of those returns were for income tax, where refunds till November stood at Rs 1.57 lakh crore compared with 1.84 lakh crore for the full fiscal 2018-19.
For integrated GST, the government has refund Rs 38,988 crore till November compared with Rs 56,057 crore for the full last year. Similarly, input tax credit refunds stood at Rs 33,395 crore till November, compared with Rs 36,513 crore last year.
Revenue Secretary Starts Presentation
The Revenue Secretary Ajay Bhushan Prasad Pandey is now addressing the media.
Two-Third Of Budgeted Capex Achieved: CEA
Subramanian said that 66 percent of the budgeted capital expenditure has already been undertaken. He added that select CPSEs have undertaken capex of Rs 98,000 crore till Nov. 19.
CEA Says Foreign Investors Putting Money Where Their Mouth Is
Subramanian said that foreign investors have reposed their faith in the Indian economy as FDI inflows have hit a record $35 billion in the first half of 2019-20.