The Finance Minister said that the issue of less collection of corporate tax than income tax was raised. This is not correct. He said that the new tax regime gives flexibility that they can also remain in the old regime. This is a choice provider, the choice is of the taxpayer. 3.8 percent taxpayers had come in the new regime. In 2024-25, till July 31, 72.8 percent taxpayers have chosen the new regime. This is helping people. The Finance Minister said that our intention is not to remove indexation, but to simplify the rules.
Investment in mutual funds has also increased. For the last five years, 17.88 lakh new folios are being added every month. Unique mutual fund investors are also increasing. Regarding capital gains tax, the Finance Minister said that there is a clear provision that if the taxpayer wants, he can pay tax on land or house acquired before 23 July 2024 at the rate of 12.5 percent or 20 percent with induction, whichever is less, as per the new provision. This amendment has not put any tax burden on anyone. The budget represents the expectations of the common man. When the opposition also suggests any amendment in the budget, we do that too.
Indexation has not been removed, rules have been simplified: Nirmala Sitharaman
The Finance Minister said that our intention is not to remove indexation but to simplify the rules. GST was also discussed. Many members gave suggestions on the subject of GST. The council has to take a decision on this. The GST council has representatives from two-thirds of the states and one-third of the centre. This is a constitutional body. He explained the provisions of CTH for laboratory chemicals and said that the duty for samples was 10%. This was being misused.
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There was 150 percent duty on alcohol, so it started being brought in small samples. To stop this, the tax was made 150 percent. Tariff rate and ceiling rate are decided in this house. To promote research, we have now said that you should take responsibility that you are not bringing in bulk, give self declaration and avail the benefit of 10 percent tax.
Before giving a lecture on excise duty, you should have done it in your own states: Finance Minister
The Finance Minister said that there was a demand for relief in excise duty on petrol. Excise duty on petrol and diesel was reduced in November 2021 and May 2022. Petrol prices were also reduced by Rs 2 per liter in March 2024. States ruled by BJP make cuts. In Himachal Pradesh, it was increased after the elections, there is also a Congress government in Karnataka, there too the prices of petrol and diesel were increased in June 2024. In Punjab, in June 2023, the government increased the price of petrol and diesel by 10 to 13 percent. They are coming and asking us. The Tamil Nadu government had promised a price cut in the manifesto. Only a price cut of Rs 3 was made in 2021. Before giving lectures on excise duty, they should show it in their respective states.
Separate HS codes will be made for synthetic and natural menthol: Finance Minister
The Finance Minister said that Tanuj Punia questioned that 12.5 percent GST on both Chinese synthetic menthol and our natural menthol is not correct. Natural and synthetic menthol come under the same HS code, there are no separate provisions for it. In this Finance Bill, separate HS codes have been made for both, after which the GST Council can look into this matter.
Medical insurance was taxed even before GST: Finance Minister
The Finance Minister said that there was a demand to remove 18% GST on life and medical insurance. Ministers write letters to each other. When it became public, an atmosphere was created that there is a difference. Take out a protest with 200 MPs. Opposition members started creating a ruckus over this. The Minister said that I did not take anyone’s name but if someone is feeling it, then it is a different matter. There was a tax on medical insurance even before GST came. Earlier, tax was levied in every state.
‘If you collect 100 rupees then…’, Finance Minister explained the math of GST
The Finance Minister said that I am asking the protesters here, did you tell the state to remove it? Have you written a letter to your respective Finance Ministers who sit in the GST Council? You did not write and you are protesting here that Modiji should reduce the rate. What kind of double drama is this? Finance Ministers of Congress, Aam Aadmi Party, Communist Party, TMC sit in the GST Council. Think about it, those who make political gains. Still we say that this was discussed with an open mind in the 31st, 37th and 47th meeting of the GST Council. This has been discussed thrice in the GST Council. In a newspaper, while giving the data of GST collection from life and medical insurance, the heading was put that ‘Central pocketed…’ which is a completely wrong statement.
The 18% on health insurance premium. Out of this, 9% goes to the centre and 9% to the states. If you collect Rs 100 as GST, 50 rupees immediately goes to the state. We are left with Rs 50, out of which 24 rupees goes to the state. Every party should go to its state and protest in front of its finance minister. Out of a hundred rupees, 74 rupees go there.
‘Dada, I am learning from you’, Finance Minister told Kalyan Banerjee
When Finance Minister Nirmala Sitharaman was speaking, the opposition started creating a ruckus. Amidst the noise of the opposition members, TMC MP Kalyan Banerjee also said something. The Finance Minister bowed down with folded hands and said that Kalyan Banerjee Dada, I am learning from you that there should be some aggression. People make noise and make others sit.
Source (PTI) (NDTV) (HINDUSTANTIMES)