• Source:JND
Add as a preferred

Union Finance Minister Nirmala Sitharaman on Friday stressed that India will 'undoubtedly' continue to buy the Russian oil as it suits us best. She emphasised that India is the third-largest oil importer in the world, and so it must act in its economic interest.

Speaking to CNN-News18, he said, "We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it".

"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," the Finance Minister said.

Sitharaman's statement came after the United States imposed a 50 per cent tariff on Indian imports. The tariffs announced by US President Donald Trump came into effect last month on August 27.

ALSO READ: Govt Planning Big Relief Measures For Export Sector Hit By Trump’s Tariffs On India: Report

At first, a 25 per cent tariff was imposed, but then an additional 25 per cent tariff was imposed by Trump, citing the Indian import of Russian oil. Trump termed India's purchase of Russian crude as funding the war in Ukraine.

Sitharaman further said that the government is working on a relief package for the exporters who are affected by the US tariffs.

Speaking about the GST 2.0, the latest GST reforms, Sitharaman said that the reform will offset the tariff effect. "The potential tariff impact will be offset by reforms like GST," the Finance Minister was quoted saying.

ALSO READ: Govt Forms Panel To Review Tax, Export Clearance Issues Of Manufacturing Sector Amid Trump's Tariffs On India

The GST 2.0 got GST Council nod on September 3 and will come into effect on September 22. After rationalisation, the slabs of 12 and 28 per cent will cease to exist. 

There will only be two slabs of 5 and 18 per cent and a 40 per cent tax on luxurious and sin goods.