Finance Ministry Assures To Respond To Challenges Faced By All Sectors, But Still Clueless On RBI Surplus

Finance Minister Nirmala Sitharaman on Friday assured the reeling business sectors that the Ministry of Finance will respond to the challenges faced by all the sectors.

Economic Slowdown: Nirmala Sitharaman On RBI Fund Transfer GDP Growth
Sitharaman said said targets have been given to CBDT and CBIC. (File Photo/ Getty)
By: ABP News Bureau
Updated: 07 Sep 2019 11:39 AM
Kolkata: After a long silence over the measures considered by the Central government to curb the ongoing slowdown in economy, Finance Minister Nirmala Sitharaman on Friday assured the reeling business sectors that the Ministry of Finance will respond to the challenges faced by all the sectors. Speaking at a press conference held in Kolkata, FM Sitharaman said that every possible help will be extended to them. When asked about the ongoing economic slowdown, Sitharaman said, “We are looking at the challenges which the sectors are facing. We will respond to the challenges and extend every possible help."

The Finance Minister also said that the Centre is “continuously engaging with the sectors facing challenges and interacting with them." Further talking about the revenue collection during the current financial year, the minister said targets have been given to the Central Board of Direct Taxes (CBDT) and Central Board of Indirect taxes and Customs (CBIC).


“These targets have been given after due considerations and consultations”, Sitharaman said adding that if the collections are low, the central government will look into it. “But spending on social sector will not be affected,” she said.

Later in the press conference, a reporter once again asked Sitharaman about government's plans on how to utilize the Reserve Bank of India (RBI) surplus transfer, she maintained her previous stance and said the Centre had not taken any call as of now on how to use it.  The Reserve Bank of India has recently decided to transfer Rs 1.76 lakh crore in dividend and surplus reserve to the government.

The finance minister, who also held a meeting with the tax administrators here, said the revenue department will bring in faceless assessment and randomise the scrutiny process from the Vijaya Dashami day. “We are doing this to reduce the probability of harrassment,” she added.

Another change will also be brought in, Sitharaman said adding that every notice with claims issued to the taxpayers will be accompanied by a document identification number (DIN). “If a notice of a tax claim is not accompanied by a DIN, it can be treated as not issued”, she said. This will not only make the assessment process more transparent but also do away with discretion, she said.

On the meeting with the tax administrators, Sitharaman said a message has been given to them that “it is necessary to perform our duty and not to overreach. Entrepreneurs should not be troubled”.

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