Sitharaman affirmed India will continue buying Russian oil based on price and logistics, despite US secondary tariffs.
GST reforms aimed at simplifying rates will help cushion the impact of fifty per cent US tariffs on Indian goods.
She accused Congress of hypocrisy, recalling how it once dubbed GST a “Gabbar Singh Tax” while levying a ninety-one per cent income tax under Indira Gandhi’s rule.
Sitharaman stated on Friday that New Delhi will keep purchasing oil from Moscow since India's oil purchases are motivated by commercial and economic factors, despite US secondary tariffs imposed on the country due to its significant imports of Russian crude.
The Finance Minister added that the recently announced Goods and Services Tax (GST) reforms, which included the simplification and reduction of indirect tax rates on a number of items, would partially offset the effects of the 50 per cent tariffs that the Donald Trump administration imposed on Indian goods.
According to Sitharaman, the government is also developing plans to "handhold" those who are impacted by the hefty US tariffs.
Sitharaman said in an interview with television news channel CNN-News18 said, “Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs whether in terms of rates, logistics, anything. So, where we buy our oil from, especially (it) being a big-ticket foreign exchange-related item where we pay so much…we will have to take a call which (supply source) suits us the best. So, we will undoubtedly be buying it.”
The Indian Express reported that as long as the oil is not subject to sanctions, the Indian government has continuously insisted that the nation will purchase its oil from whichever supplier offers the greatest price. Russian oil is not subject to any sanctions; instead, it is subject to a price cap set by the United States and its allies, which is applicable if the oil is transported using Western shipping and insurance companies. Public sector refiners in India have declared that they have not heard from the government on the matter and that they will keep purchasing Russian oil as long as it is still profitable and sustainable.
Sitharaman Slams Congress Claim
Sitharaman called out the Congress for trying to take credit fot the GST reforms, stating that the party had once had once dubbed it "Gabbar Singh Tax". Sitharaman emphasised that during the tenure of former Prime Minister Indira Gandhi, India had some of the highest income tax rates in the world.
In an interview with India Today, the Finance minister said, “Those who once mocked GST as a Gabbar Singh Tax are today eager to claim credit for it... The Congress should tell us why it could not implement it during its tenure?"
The Finance Minister claimed that during the tenure of Indira Gandhi, the Congress government levied an income tax of 91 per cent.
"In those days, if someone earned Rs 100, Rs 91 would go in taxes... Those who once imposed a 91 per cent tax are now trying to take credit for GST," she further said.
She made these comments after the Congress tried to claim credit by saying Rahul Gandhi had long proposed two GST slabs for simplification of the tax regime.
"When they finally have to follow Rahul Gandhi's advice, why do they take so much time doing that?" Congress spokesperson Pawan Khera said in a post on X.
