Month: February 2025

Bijapur (Chhattisgarh) [India], February 1 (ANI): Eight Naxalites were killed in an encounter with security forces in Chhattisgarh’s Bijapur district on Saturday, the police said.

The gunfight broke out around 8.30 am in the forest in Gangaloor police station area and search operations were still being carried out, police further said.

“8 naxals have been killed in an ongoing encounter between security forces and Naxals in the jungle under Gangaloor PS limit. Search operations are underway,” said police.

District Reserve Guard (DRG), Special Task Force (STF), Cobra 202 and Central Reserve Police Force (CRPF) 222 battalion are involved in an anti-Maoist operation that was launched on Friday after receiving information about the presence of armed Naxalites in West Bastar Division.

Further details are awaited. (ANI)

Goods and Services Tax (GST) collections in January, in gross terms, stood at Rs 1.96 lakh crore, with a yearly jump of 12.3 per cent, according to data from the finance ministry released Saturday.

In January 2024, the total collection was to the tune of Rs 1.74 lakh crore.

CGST, SGST, IGST, and cess all showed an increase on year-on-year basis in December 2024, official data made available showed today.

So far in 2024-25 (April-January), the total GST collection has been 9.4 per cent higher at Rs 18.29 lakh crore, as against Rs 16.71 lakh crore mopped up in the corresponding period of 2023-24.

In April 2024, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.

During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, with an 11.7 per cent increase compared to the previous fiscal year.

The recent GST collections reflects a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country’s fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties.

The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years.

Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wristwatches; TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero, benefiting people of this country. From time to time, the list is being revised with the approval of the Council.

The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum.

The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan. (ANI)

Sara Ali Khan can’t keep calm as her younger brother Ibrahim is all set to make his Bollywood debut with ‘Nadaaniyan’.

On Saturday, Sara took to Instagram and extended her best wishes to Ibrahim in her shayari style.

“Time to shine oh my darling brother of mine,” she wrote, attaching the poster of Ibrahim’s film.

In his first film, Ibrahim will share screen space with Khushi Kapoor, Suniel Shetty, Dia Mirza, Mahima Chaudhary, and Jugal Hansraj among others.

As per the makers, ‘Nadaaniyan’ is a “young adult romantic drama that captures the magic, madness and innocence of first love. At its heart are Piya (Khushi), a bold and spirited girl from South Delhi, and Arjun (Ibrahim), a determined middle-class boy from Noida. As their two completely different worlds collide, they embark on a journey filled with mischief, heart, and the sweet messiness of first love.”

With Sara already an established name in the industry, all eyes are now on her younger brother Ibrahim.

In an earlier interview with ANI, Sara opened up about how talented Ibrahim is as he wished him good luck and success in the industry.

Asked if she would like to set an example for her sibling with her work, Sara replied, “No (I don’t feel like setting an example for him). My brother is quite smart… it is his life, his luck and his talent. We both have been brought up in the same manner so I know he won’t drift from his chosen path. And no matter how far you run, you will come back to yourself. That’s what our mom (Amrita Singh) taught us.”

Wishing him luck for his Bollywood debut, Ibrahim’s ‘aapa’ said, “I hope he maintains balance in his life and work. He should stick to his values. He is a grounded child.”

Ibrahim’s debut film will be released on Netflix. The release date has not been disclosed yet. (ANI)

Union Minister Hardeep Singh Puri called this year’s Union Budget excellent and highlighted the income tax exemption up to Rs 12 lakhs which he said will increase the middle class spending, giving a fillip to the economy.

“It was an excellent budget… The middle class has been exempted from the income tax on income of up to Rs 12 lakhs and many such provisions are there,” Puri told ANI.

“What stands out about this budget is it provides a feel good factor. It will encourage spending not only in infrastructure because of capex but the middle class will also spend more because of the tax exemption,” he added.

Finance Minister Nirmala Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers especially the middle class.

This limit will be Rs 12.75 lakh rupees for salaried tax payers counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.

But there is a catch, the exemption can be earned only if a tax payer takes relief under various sections of the income tax act like Rs 1.5 lakh exemption under section 80CCC, exemption of Rs 1.5 lakh for paying interest on home loans.

Sitharaman says “To tax payers up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them.”

The announcement from the Finance Minister of this big relief to the middle class was met by loud thumping of the desks by the treasury benches led by PM Narendra Modi.

The finance minister announced change in income tax slabs and rates across the board, ensuring a more progressive taxation system.

Sitharaman says, “Slabs and rates are being changed across the board to benefit all tax-payers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.”

Under the new tax slabs income of up to Rs 4 lakh will have to pay Nil tax hiked from Rs 3 lakh. A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of `Rs 80,000 in tax.

A person having income of `Rs 18 lakh will get a benefit of Rs 70,000 in tax. A person with an income of Rs 25 lakh gets a benefit of Rs 1,10,000 under the new tax slabs.

As a result of these proposals, revenue of about Rs 1 lakh crore in direct taxes and Rs 2600 crore in indirect taxes will be forgone. (ANI)

For the layperson, the highlight of the Union Budget has always remained on what all have become cheaper and which of them has got costlier to buy.

This year too the first full budget of Prime Minister Narendra Modi government’s third term in office has been no exception.

Finance Minister Nirmala Sitharaman as part of her Budget presentation proposed a host of tweaks in basic customs duty (BCD) for various products or items that are critical for manufacturing or for day-to-day needs. In some cases prices were raised to make domestic manufacturing robust.

Relief on import of drugs and medicines:

To provide relief to patients, particularly those suffering from cancer, rare diseases and other severe chronic diseases, Sitharaman proposed to add 36 lifesaving drugs and medicines to the list of medicines fully exempted from Basic Customs Duty (BCD).

She also proposed to add six lifesaving medicines to the list attracting concessional customs duty of 5 per cent. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture.

Specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies are fully exempt from BCD, provided the medicines are supplied free of cost to patients.

The minister has now proposed to add 37 more medicines along with 13 new patient assistance programmes.

Support to domestic manufacturing and value addition:

In the July 2024 Budget, the government had fully exempted BCD on 25 critical minerals that are not domestically available.

The government had also reduced BCD on two other such minerals to provide a major fillip to their processing especially by MSMEs (micro, small and medium enterprises).

Now, the government proposed to fully exempt cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals.

“This will help secure their availability for manufacturing in India and promote more jobs for our youth,” the FM said.

Textiles:

To promote domestic production of technical textile products such as agro-textiles, medical textiles and geo textiles at competitive prices, the Finance Minister has proposed to add two more types of shuttle-less looms to the list of fully exempted textile machinery.

She also proposed to revise the BCD rate on knitted fabrics covered by nine tariff lines from “10 per cent or 20 per cent” to “20 per cent or Rs 115 per kg, whichever is higher”.

Electronic goods:

In line with ‘Make in India’ policy, and to rectify the inverted duty structure, she proposed to increase the BCD on Interactive Flat Panel Display (IFPD) from 10 per cent to 20 per cent and reduce the BCD to 5 per cent on Open Cell and other components.

In the 2023 -24 Budget, for the manufacture of Open Cells of LCD/LED TVs, the government has reduced the BCD on parts of Open Cells from 5 per cent to 2.5 per cent .

“To further boost the manufacture of such Open Cells, the BCD on these parts will now stand exempted.”

Lithium ion battery:

To the list of exempted capital goods, she proposed to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing.

“This will boost domestic manufacture of lithium-ion battery, both for mobile phones and electric vehicles,” she said.

Shipping Sector

Considering that shipbuilding has a long gestation period, she proposed to continue the exemption of BCD on raw materials, components, consumables or parts for the manufacture of ships for another ten years.

“I also propose the same dispensation for ship breaking to make it more competitive,” she said.

Telecommunication:

To prevent classification disputes, the government has proposed to reduce the BCD from 20 per cent to 10 per cent on Carrier Grade ethernet switches to make it at par with Non-Carrier Grade ethernet switches.

Export Promotion

Handicraft Goods:

To facilitate exports of handicrafts, the government proposed to extend the time period for export from six months to one year, further extendable by another three months, if required.

Besides, she also proposed to add nine items to the list of duty-free inputs.

Leather sector:

The government proposed to fully exempt BCD on Wet Blue leather to facilitate imports for domestic value addition and employment. She also proposed to exempt crust leather from 20 per cent export duty to facilitate exports by small tanners.

Marine products:

To enhance India’s competitiveness in the global seafood market, the government proposed to reduce BCD from 30 per cent to 5 per cent on Frozen Fish Paste (Surimi) for manufacture and export of its analogue products. She also proposed to reduce BCD from 15 per cent to 5 per cent on fish hydrolysate for manufacture of fish and shrimp feeds.

Domestic MROs for Railway Goods:

In July 2024 Budget, to promote development of domestic MROs (maintenance, repair and overhaul) for aircraft and ships, the government extended the time limit for export of foreign origin goods that were imported for repairs, from 6 months to one year and further extendable by one year.

“I now propose to extend the same dispensation for railway goods,” she said.

In Budget 2024-25 too, the government reduced the number of customs duty rates. (ANI)

Uttar Pradesh Chief Minister Yogi Adityanath on Saturday visited the site of the stampede that occurred on January 29 during the Mahakumbh in Prayagraj, resulting in multiple casualties and injuries.

He also conducted an aerial survey of the Mahakumbh.

CM Yogi arrived in Prayagraj to review the arrangements for Basant Panchami on February 3.

Speaking on the stampede incident, CM Yogi stated that some “great souls” became victims of the accident. “I congratulate those ‘Sants’ who patiently faced the challenge (stampede incident) that came before us on the occasion of Mauni Amavasya. Some great souls became victims of that accident, but in that situation, our ‘Sants’ played the role of protectors and overcame that challenge with patience and courage. Those opposing Sanatan Dharma were hoping that the patience of our ‘Sants’ would fail and were trying to cause an act of ridicule. We have to be cautious of those who are constantly misleading and conspiring against Sanatan Dharma by moving forward with the values and ideals of Sanatan Dharma under the guidance of these revered saints. As long as our ‘Sants’ are respected, no one can harm Sanatan Dharma,” he said.

The stampede took place during the Mauni Amavasya bathing ritual on Wednesday, leading to the deaths of 30 people and injuring 60 others.

A three-member judicial commission, formed to investigate the incident, visited Swaroop Rani Nehru Hospital in Prayagraj. The commission has been tasked with examining the causes and circumstances of the tragedy and will submit its report within a month.

Samajwadi Party chief Akhilesh Yadav on Saturday emphasized that the lives lost in the Mahakumbh stampede are more significant than budgetary figures.

Speaking to the media, Yadav criticised the government’s handling of the Mahakumbh, stating that the actual death toll from the recent stampede is being misreported.

“Maha Kumbh comes after 12 years. For us, the data of people who died in the stampede in Maha Kumbh is more important than the budget data. The government is not able to tell how many people died, went missing or got injured. The death toll that has been given by the government is false… What arrangements have you made? This government says that we are a party of Hindus but they are not able to make arrangements for this biggest festival of Hindus,” he said.

Meanwhile, over 5.42 million devotees took dip on Saturday in the sacred confluence of Ganga, Yamuna and mystical Saraswati in the ongoing Mahakumbh in Prayagraj.

Among these, over 1 million Kalpavasis and 4.42 million pilgrims have taken a dip in the Triveni waters today.

As of January 31, over 314.6 million have already taken a dip in the sacred confluence of three rivers since the commencement of the event.

Maha Kumbh, which started on January 13, will continue till February 26. The remaining significant ‘snan’ dates in Maha Kumbh are February 3 (Basant Panchami–Third Shahi Snan), February 12 (Maghi Purnima), and February 26 (Maha Shivaratri). (ANI)

Finance Minister Nirmala Sitharaman, in her Budget speech today, announced that her government will provide ID cards to gig workers. Gig worker will also be provided access to healthcare via a social security scheme.

She said her government will invest in street vendors and online and urban workers. Gig workers of online platforms to be provided with identity cards and registration on e-Shram portal.

PM SVANidhi scheme to be revamped with enhanced loans from banks, UPI linked credit cards with Rs 30,000 limit, and capacity building support would be ensured.

A committee comprising representatives from various stakeholders had been constituted to suggest a framework for providing social security and welfare benefits to gig and platform workers.

The Ministry of Labour and Employment had issued an advisory to aggregators to register themselves and platform workers engaged with them on the e-Shram portal.

Gig workers and platform workers have been defined for the first time in the Code on Social Security 2020, which has been enacted by the Parliament. Social Security and Welfare related provisions for the gig and platform workers have been mentioned in the Code.

The Code provides for framing of suitable social security measures for gig workers and platform workers on matters relating to life and disability cover, accident insurance, health and maternity benefits, old age protection, etc.

In her budget speech, she said Budget 2025 continues the government’s efforts to accelerate growth, inclusive development, private sector investments, uplift household sentiments, and enhance the spending power of India’s rising middle-class.

The budget session of parliament that began on January 31 and, according to schedule, will end on April 4. The budget speech outlined the government’s fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements.

With this Budget Presentation, Sitharaman has presented her eighth budget.

India’s economy is projected to grow between 6.3 per cent and 6.8 per cent in the next financial year 2025-26, said Economic Survey 2024-25, tabled in Parliament on Friday.

In another key guidance, the Economic Survey suggested that India needs to grow around 8 per cent for a decade or two to achieve its Viksit Bharat dreams, at a time when the country’s growth showed weak progress in the first two quarters of the current financial year. (ANI)

In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26.

Presenting the budget in Lok Sabha, the Finance Minister said, “The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefiting small tax payers receiving small payments.”

This effectively raises the monthly limit for TDS deduction on rent from Rs20,000 to Rs50,000, benefiting small taxpayers and easing compliance burdens.

In her her budget speech, Sitharaman emphasized the government’s commitment to simplifying the tax system.

She said, “I propose to rationalize tax deductions at source (TDS) by reducing the number of rates and thresholds about which TDS is deductible. Further, threshold amounts for tax deduction will be increased for better clarity and uniformity. The limit for tax deduction on interest for senior citizens is being doubled from the present Rs 50,000 to Rs 1,00,000,” she stated.

The new measure is aimed at reducing the number of transactions liable to TDS, making it easier for individuals and businesses that pay rent.

Sitharaman said, “In the budget of July 2024, the delay of the payments of the TDS up to the due date of filing statements was decriminalised; I propose the same from the TCS provisions as well.”

Apart from the revision in TDS on rent, the government has also proposed other significant changes in direct taxation. The annual limit for TDS on interest for senior citizens has been doubled from Rs50,000 to Rs1,00,000.

Additionally, the threshold for Tax Collected at Source (TCS) on remittances under the RBI’s Liberalized Remittance Scheme (LRS) has been increased from Rs7 lakh to Rs10 lakh, and TCS on remittances for education purposes, where the remittance is out of a loan from a financial institution, has been removed.

The government also announced plans to introduce a new Income Tax Bill in the budget session. The proposed bill is expected to be around 50 per cent shorter than the current law in terms of chapters and words, making it simpler for taxpayers and administrators. This move aims to enhance tax certainty and reduce litigation.

Sitharaman further highlighted that the government has extended the time limit for filing updated returns for any assessment year from two years to four years.

This change follows the success of the Updated Return facility introduced in 2022, which saw nearly 90 lakh taxpayers voluntarily updating their income by paying additional tax.

Additionally, withdrawals from old National Savings Scheme (NSS) accounts after August 29, 2024, will be exempted from tax, providing relief to senior citizens.

To further ease compliance, the government has proposed the removal of higher TDS/TCS provisions for non-filers of income tax returns. The omission of sections 206AB and 206CCA of the Income Tax Act will reduce the compliance burden on deductors and collectors, aligning with the government’s broader aim of making tax administration more efficient. (ANI)

Finance Minister Nirmala Sitharaman, in her Budget speech today, announced raising FDI limits for insurance for insurance sector from 74 per cent to 100 per cent, though with certain restrictions.

“The FDI limit for the insurance sector will be raised from 74 to 100 per cent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified,” she said.

The central government had in November floated a few proposals for the insurance sector, including raising the FDI limit in Indian insurance companies from 74 per cent to 100 per cent, and enabling an insurer to carry on one or more classes of insurance business and activities.

The government had invited comments on the proposed amendments to the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and Insurance Regulatory and Development Authority Act, 1999.

Insurance sector regulator Insurance Regulatory and Development Authority (IRDAI) has committed to achieving “Insurance for All” by 2047.

A significant portion of India’s citizens and insurable assets remain uninsured, increasing the risks of high out-of-pocket expenses, placing a considerable burden on public finances. This raise in FDI is expected to support the cause.

The budget session of parliament that began on January 31 and, according to schedule, will end on April 4. The budget speech outlined the government’s fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements.

With this Budget Presentation, Sitharaman has presented her eighth budget.

India’s economy is projected to grow between 6.3 per cent and 6.8 per cent in the next financial year 2025-26, said Economic Survey 2024-25, tabled in Parliament on Friday.

In another key guidance, the Economic Survey suggested that India needs to grow around 8 per cent for a decade or two to achieve its Viksit Bharat dreams, at a time when the country’s growth showed weak progress in the first two quarters of the current financial year. (ANI)

Finance Minister Nirmala Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers especially the middle class.

This limit will be Rs 12.75 lakh rupees for salaried tax payers counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.

But there is a catch, the exemption can be earned only if a tax payer takes relief under various sections of the income tax act like Rs 1.5 lakh exemption under section 80CCC, exemption of Rs 1.5 lakh for paying interest on home loans.

Sitharaman says “To tax payers up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them”

The announcement from the Finance Minister of this big relief to the middle class was met by loud thumping of the desks by the treasury benches led by PM Narendra Modi.

The finance minister announced change in income tax slabs and rates across the board, ensuring a more progressive taxation system.

Sitharaman says “Slabs and rates are being changed across the board to benefit all tax-payers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.”

Under the new tax slabs income of up to Rs 4 lakh will have to pay Nil tax hiked from Rs 3 lakh. A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of `Rs 80,000 in tax.

A person having income of `Rs 18 lakh will get a benefit of Rs 70,000 in tax. A person with an income of Rs 25 lakh gets a benefit of Rs 1,10,000 under the new tax slabs.

“The total tax benefit of slab rate changes and rebate at different income levels can be illustrated with a few examples, a taxpayer in the new regime with an income of 12 lakh rupees will get a benefit of 80,000 rupees in tax, which is 100% of tax payable as per the existing rates. A person having income, a person having income of 18 lakh rupees will get a benefit of 70,000 rupees in tax, that is 30% of tax payable as per existing base. A person with an income of 25 lakh gets a benefit of one lakh 10,000 rupees, that is 25% office tax payable as per existing rates,” the Finance Minister said.

As a result of these proposals, revenue of about Rs 1 lakh crore in direct taxes and Rs 2600 crore in indirect taxes will be forgone. (ANI)