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Indian Express
43 minutes ago
- Indian Express
Amit Shah, Rajnath Singh to head panels for economy, social sector reforms
TWO NEW informal groups of ministers (iGoMs) have been formed by the Centre under Home Minister Amit Shah and Defence Minister Rajnath Singh to prescribe reforms in the economic and social sectors, respectively. Shah's panel comprises 13 members, including Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal, with Minister of Railways, I&B and Electronics & IT Ashwini Vaishnaw as the convener. This group will focus on laying out the legislative and policy reform agenda in the technology and economic sectors, including finance, industry, commerce infrastructure, logistics, resources, science and technology, and governance. The second 18-member grouping on social, welfare and security sectors is headed by Defence Minister Rajnath Singh. This will examine the scope for reforms in sectors including education, healthcare, defence, skilling, social welfare, housing, labour, public health etc. Others in this panel include Road Transport and Highways Minister Nitin Gadkari, Agriculture Minister Shivraj Singh Chouhan, with Labour and Sports Minister Mansukh Mandaviya designated as its convener. The groups have beens set up following Prime Minister Narendra Modi's Independence Day address where he pressed home the need for next-generation reforms and announced the setting up of a task force. 'Current rules, laws, policies, and procedures must be redrafted to suit the 21st century, to fit the global environment, and to align with the vision of making Bharat a developed nation by 2047,' Modi had said in his address. Both groups have been asked to submit monthly reports on the progress made, followed by a consolidated reforms roadmap at the end of three months. Secretarial support for this would be provided by the Finance Ministry's Department of Economic Affairs. The chairs of the two GoMs are vested with the mandate to invite ministers, secretaries and subject matter experts, as and when required. A government source said these two panels are expected to go beyond just advisory roles and prescribe actionable roadmaps, with measurable outcomes to track these actions. Some of these metrics, sources said, include a calibrated and quantifiable reduction of compliance burden on citizens and businesses; driving employment generation and productivity enhancement, dismantling legacy bottlenecks and identifying reforms at the Central, State and municipal corporation levels. The composition of the two panels suggests the Prime Minister is keen to reflect the criticality of pushing through these small and big decisions that hold back progress both on the social and economic front. It includes many ministers so that quick actions can be taken on recommendations. The panels have also been tasked with suggesting legislative reforms that include repeal or changes to existing laws and readying the draft enabling legislations for futuristic sectors including digital health, fintech, the gig economy etc; identifying policy reforms; highlighting process-focused reform and institutional reforms that span the central, state and local levels. Earlier, in a bid to impart urgency to overhauling the Goods and Services Tax regime, Home Minister Shah is learnt to have been roped in to coordinate with all stakeholders — states as well as Central ministries — to resolve contentious outstanding issues. His intervention in thrashing out the GST consensus was described as 'normal' and was cited by a source as being helpful in resolving 'politically sensitive issues' and 'those that need support from states'. There have been instances in the past when he was part of the meetings, including his involvement in discussions on disinvestment and as the chair of meetings on price rise of staple food items in the past. Also, while a new Bill on real-money online gaming that prescribes sweeping bans and harsh penalties for both platforms and their promoters has been drafted by the IT Ministry, the Union Home Ministry is being viewed by the industry as the driving force behind the move. While the IT Ministry prepared the legislation, key major gaming industry associations sent a letter to the Union Home Ministry saying that the blanket prohibition will 'strike a death knell for this legitimate, job creating industry, and would cause serious harm to Indian users and citizens'.
Time of India
4 hours ago
- Time of India
Anticipating GST changes, Ludhiana industry wants reforms expedited.
Ludhiana: As Prime Minister Narendra Modi unveiled what he called a "Diwali gift", major reforms to the Goods and Services Tax (GST), industrial and trade bodies are expressing cautious optimism. While they welcome the simplification, stakeholders insist that swift implementation, especially of refunds, is essential to prevent disruptions and revive consumption. In his August 15 Independence Day address, PM Modi revealed plans to overhaul GST by October, aimed at easing the tax burden on daily-use items and MSMEs. The long-standing four-slab system (5%, 12%, 18%, 28%) is being anticipated to be replaced by a streamlined two-slab structure with rates of 5% and 18%, and a special 40% rate on sin and luxury goods like tobacco and pan masala, as per reports of proposal having been sent to the group of ministers (GoM) and state finance ministers, ahead of the GST council's meeting. Industrialists and businessmen of Ludhiana expect that this reform could boost domestic consumption, exports, and market sentiment. "The prospect of two main GST rates are welcome, but delayed refunds could cripple operations. If we must wait for GST refunds on expenditure on raw materials, it's going to be tough," Avtar Singh Bhogal, vice-president, UCPMA, said, stressing that timely refunds would support purchasing power and curtail GST evasion. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Angelina Jolie and Brad Pitt's Daughter Shiloh Now Goes by a New Name After Dropping Pitt BigGlobalTravel Undo Upkar Singh Ahuja, president of the Chamber of Industrial and Commercial Undertakings (CICU), echoed the urgency. He warned that markets were already slow and showed signs of recession, with consumers delaying purchases in anticipation of GST relief. "Whatever changes are to be done, do them now, not wait until Diwali," he urged. "People are have stopped purchasing on big items anticipating lower GST and, thus, prices," he said. There have been long-standing industry demands for GST simplification, Harsimarjit Singh Lucky, UCMPA president said. He added that reforms would bring relief that would curtail evasion and simplify compliance. Sonu Nilibar, president of the Punjab Textile Merchant Association, said "A uniform 5% GST rate on garments would be a landmark reform. It will bring much-needed clarity, make goods affordable, boost consumption, and ease compliance. On behalf of trade, I warmly thank Prime Minister Modi for considering this long-awaited reform." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
4 hours ago
- Time of India
Gurgaon RWAs seek reduction in GST on maintenance bills from 18% to 5%
Gurgaon: Essential security, water supply and sanitation should not be taxed like luxury services, said resident welfare associations, which, in an appeal to Haryana CM Nayab Singh Saini, have sought rationalisation of GST on monthly maintenance bills. They have also urged Saini, who has a finance portfolio as well, to push for cut in the levy from 18% to 5% and revise the exemption threshold from Rs 7,500 to Rs 10,000 per flat per month. The demand comes against the backdrop of PM Modi's Independence Day announcement that the GST regime would be simplified into a two-rate structure — 5% for items of common use and 18% for others. RWAs argued that the maintenance fees collected for basic services fall into the former category and must not be equated with luxury spending. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon "RWAs are not profit-making entities. The maintenance, which is collected, goes into basic services like water supply, sanitation, security, and lighting – all critical for urban living. Treating them at par with luxury services is unfair and burdens residents, particularly senior citizens and salaried families. The govt should align RWA services with the 5% slab and provide relief to middle-class families," said Ina Malhotra, president of National Medica Centre Cooperative House Building Society Ltd, who has also submitted the representation to the union finance minister Nirmala Sitharaman, who is chairperson of the GST Council. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo "We hope CM Saini will flag the issues in the GST Council's deliberations and ensure that society maintenance is recognised as an essential service," added Malhotra. Since its rollout in July 2017, GST on RWAs has remained a contentious issue. Contributions above Rs 5,000 per flat per month (later revised to Rs 7,500) attract 18% GST. The rate, residents have consistently opposed, saying it unfairly equates the upkeep of residential colonies with luxury services like gyms and clubs. Meanwhile, other associations are also preparing similar representations. Praveen Malik, president of the United Association of New Gurugram, said, "This tax structure is flawed at the very root. RWAs are end consumers; they act as facilitators between residents and service providers. Although the residents in our society do not fall into the GST ambit, as an RWA, we have to pay the taxes to service providers. Applying GST at 18% on essential community upkeep reflects a lack of understanding of how RWAs function. Revising GST will directly benefit end-users." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
