Nirmala Sitharaman News

GST exemption on medicines for rare diseases announced on Tuesday is unlikely to provide any relief for those who are in dire need of treatment, health activists told ET. According to them, these drugs are exorbitantly priced and the share of patients who can afford to import them is negligible. Finance minister Nirmala Sitharaman on Tuesday announced GST Council decision to exempt cancer-fighting drugs, medicines for rare diseases, and food products for special medical purposes from GST tax.

Goa government will write to Union Finance Minister Nirmala Sitharaman seeking to reconsider the GST council's decision to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse racing.Goa Industry Minister Mauvin Godinho, who is the state's representative on the GST council, told reporters on Wednesday that the imposition of tax will prove to be a «very negative factor» for the industry and affect tourism in the coastal state. «I have already taken up this issue with Chief Minister Pramod Sawant who said he would be writing to the Centre to reconsider the tax. The CM will take up this issue with the Centre and the Finance Minister. It will ultimately go for reconsideration before the GST council,» Godinho told reporters. He said stakeholders in the online gaming, casino gaming and horse racing industry wanted the entire taxation to be done on the gross gambling revenue (GGR). «There is no dispute on the imposition of 28 per cent GST but they have decided to impose it on the full face value. That is the only difference,» the minister said.

₹680.50 apiece, down by ₹26 or 3.68% on NSE. In the early deals, Nazara's stock did tumble by at least ₹100.25 or 14.2% by hitting an intraday low of ₹606.25 apiece. That being said, Nazara's stock has recovered major losses that were recorded in the early trade of Wednesday.

Nazara Technologies tumbled over 14% while those of Delta Corp hit the 10% lower circuit in Wednesday's trade after the GST Council, headed by Union Finance Minister Nirmala Sitharaman, gave the nod to levy 28% GST on online gaming, horse racing and casinos at full value at the 50th meeting of the GST Council held in Delhi. In a major setback to the country's online gaming industry, the GST Council on Tuesday decided to levy a 28% tax on the full value of monies paid by users. Moreover, GST on online gaming will be imposed without any differentiation of whether it's based on skill or chance.

NEW DELHI : The Goods and Services Tax (GST) Council on Tuesday decided to tax online gaming companies at 28% of their gross revenue, or full face-value of transactions and entry fees paid by gamers, disappointing an industry that has lobbied for months to be taxed on its profit rather than revenue. Online gaming firms have so far paid 18% GST on their net profit. Alongside the new tax regime, Union finance minister Nirmala Sitharaman said at a press conference after the GST Council’s 50th meet that online gaming services “are not actionable claims".

New Delhi: Federal indirect tax body the Goods and Services Tax (GST) Council on Tuesday exempted integrated GST (IGST) levied on select drugs when imported for personal use, redefined sports utility vehicles to prevent car makers side stepping the highest tax bracket and decided on levying 28% uniform GST on online gaming, horse racing and casinos on the full-face value of bets. Finance minister Nirmala Sitharaman who also chairs the GST Council said at a briefing that tax rates were brought down on four items--uncooked snack pellets, fish soluble paste, certain yarn and LD slag--a byproduct of steel production that is used in certain industries.

NEW DELHI : The Goods and Services Tax (GST) Council on Tuesday exempted integrated GST on select drugs when imported for personal use, redefined sport utility vehicles (SUVs) to prevent carmakers from side-stepping the highest tax bracket and levied a 28% uniform GST on online gaming, horse racing, and casinos on the full value of the bets. Finance minister Nirmala Sitharaman, who chairs the GST Council, said at a briefing that tax rates were cut on four items—uncooked snack pellets, fish soluble paste, certain yarn, and LD slag—a by-product of steel production that is used in certain industries.

GST Council concluded on Tuesday with the goods and services tax rate trimmed down to 5% in four items. Also, the council exempted GST on several imported pharma products. However, one of the biggest highlights was the 28% tax rate imposed on the full value of online gaming which is likely a setback for Indian players.

Nirmala Sitharaman on Tuesday said that the GST Council has decided to impose 28% tax on the turnover of online gaming, horse racing and casinos on full face value. The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming. The issue before the GoM (group of ministers) was whether to impose a 28 per cent GST on the face value of bets, or gross gaming revenue, or just on platform fees.

GST) council at its 50th meeting on July 11 decided to levy a 28 per cent GST rate on the full value of gaming , horse racing, and casinos - which comes as a drawback to online gaming companies. GST Council Representatives said that the council decided to make an amendment as these are actionable claims. "Will bring an amendment to GST law to include online gaming and will be taxed at 28 percent on full face value," finance minister Nirmala Sitharaman said after the GST Council meeting.

GST Council Tuesday said it would impose a 28% tax on funds that online gaming companies collect from their customers, which could lead to higher ticket prices. Finance Minister Nirmala Sitharaman, who chairs the goods and services tax (GST) council, comprising state finance ministers, said the decision to tax online gaming was reached after extensive discussion. The Finance Minister said the tax will be levied on the entire value.

online gaming companies collect from their customers, in a setback to the $1.5 billion industry, which could lead to higher ticket prices. Gaming apps are often endorsed by sporting heroes in India, where cricket is a national passion, but concerns have mounted over possible addiction and financial losses.

GST) Council on Tuesday decided to impose a 28% tax on the turnover of online gaming companies, horse racing and casinos, finance minister Nirmala Sitharaman said. The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.

50th GST Council meeting which will be held in new... more50th GST Council meeting which will be held in new delhi today.

GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council — 50 steps towards a journey'.

Check all the latest updates on the GST Council meeting at Mint's LIVE blog:Union Finance Minister Nirmala Sitharaman on Tuesday will chair the 50th GST meeting in New Delhi. The 49th meeting of the Council was held on 18 February 2023.

GST) council at its 50th meeting scheduled for tomorrow, July 11, is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming input tax credit (ITC). The GST Council is chaired by finance minister Nirmala Sitharaman and comprises a panel of state representatives.

Bank of India, Canara Bank has rolled out Mahila Samman Savings Certificate, 2023 scheme across India. Nirmala Sitharaman, the Union Finance Minister, launched Mahila Samman Savings Certificate during her Budget statement for this fiscal year (2023-2024). According to the Canara Bank official tweet, “Canara Bank is proud to introduce the Mahila Samman Savings Certificate (MSSC) Scheme across India. As your trusted banking partner, we are committed to supporting women's financial growth and empowerment. Contact your nearest Canara Bank branch to learn more.” The Mahila Samman Savings Certificate, 2023 offers a secured investment option for a woman for herself or by the guardian on behalf of a minor girl. All you need to know about the Mahila Samman Savings Certificate scheme

New Delhi: Vivek Singh, the Officer on Special Duty (OSD) to the finance and corporate affairs minister Nirmala Sitharaman, will leave his position in personal grounds,  Department of Personnel and Training (DoPT) said in a notification on Thursday.  "The Appointments Committee of the Cabinet has approved the proposal for curtailment of tenure of Shri Vivek Singh...wef 17.07.2023," DoPT said in a statement.  Singh was appointed OSD to the finance minister in January 2021.  Prior to this position, he was working as Additional Private Secretary with Sitharaman.

Andhra Pradesh Chief Minister and YSR Congress chief YS Jagan Mohan Reddy on Wednesday met Prime Minister Narendra Modi and Union Home Minister Amit Shah. He also met Union Finance Minister Nirmala Sitharaman.

₹668.17 crore for the fiscal year FY23 to the government which is the majority shareholder. Among public shareholders, LIC is also one of the beneficiaries. In this financial year, BOI's share price has rallied by at least 55% on BSE.