03.08.2022: No GST on withdrawal of cash from banks: Finance Minister Nirmala Sitharaman

There is no GST on withdrawal of cash from banks, said Finance Minister Sitharaman on Tuesday. “There is no GST on withdrawal of cash from banks… 5+5=10 transactions in a month is totally free when withdrawn from ATMs,” said Finance Minister Nirmala Sitharaman, in a discussion on the rising prices, in Rajya Sabha.

She added that GST tax only on bank purchasing cheque book from printers.

She said there is GST on customer cheques and on the withdrawal of cash from banks. She further added that hospital bed or ICU, tax only on room with 5,000 per day rent have been exempted from GST.

Further, she said that there is no GST on loose food items. “The 5% tax is only on pre-packed and labelled items”. “All states at the GST Council agreed to the proposal to levy 5% GST on pre-packed, labelled food items; not one person who spoke against it.”

Nirmala Sitharaman on Indian economy

Finance Minister Nirmala Sitharaman on Tuesday said the government has adopted a targeted approach, based on ground-level inputs, to tackle retail inflation which is ruling at around 7 per cent.

The minister was replying to a short-duration debate on price rise in the Rajya Sabha.

Sitharaman stressed that the fundamentals of the Indian economy are strong.

Indian economy compared to the situation prevailing in peer-group nations and even developed countries is definitely “much better”, she said.

No collapse in Rupee: FM

Union Finance Minister Nirmala Sitharaman on Tuesday said there is no collapse in the value of the Indian rupee and in fact, its performance against the US dollar is better than other major global currencies.

Replying to a question in the Rajya Sabha, Finance Minister said, “even there, the performance of the Indian rupee is much better than its own peers, which withstood the impact of the US Fed’s decision much better than any other peer currencies”.

“And actually, if you compare Indian rupee versus other currencies, it is appreciating in its manner,” said Sitharaman while replying to Trinamool Congress MP Luizinho Joaquim Faleiro’s question raised in the House during Question Hour.

Source: LiveMint

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