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Last Updated : Dec 07, 2019 03:02 PM IST | Source: Moneycontrol.com

Tax cuts under consideration, focus on boosting growth, says Nirmala Sitharaman

She further spoke about simplifying the tax regime and making it harassment-free

Finance Minister Nirmala Sitharaman (PTI)
Finance Minister Nirmala Sitharaman (PTI)

Finance Minister Nirmala Sitharaman on December 7 said that a tax rate cut proposal is “one among the many things we are thinking about to boost growth.”

Sitharaman made the statement at the Hindustan Times Leadership Summit, where she addressed a gamut of issues.

The Finance Minister added that they would listen to learned economists who “are telling us that we have to move towards more fiscal stimulus.”

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In what would be good news for the common man, she further spoke about simplifying the tax regime and making it harassment-free.

“We have commenced tax enquiries through the 'faceless' method and are moving towards harassment-free tax assessment – a simplified and exemption-free tax regime,” she stated.

Sitharaman also addressed concerns about the goods and services tax (GST) and called it a “good law, much required for India”. She added that every GST Council meeting was focussed on reducing GST rates.

On India becoming a $5 trillion economy, the Finance Minister stressed on the building blocks of homes, insurance, healthcare and the environment. She further said that focus would be on skill-driven jobs.

On the economic slowdown, Sitharaman said it is “sector-specific”, adding that she would like to believe there is a recovery in some sectors, while some sectors still need some help. “My attention is on greater stimulus,” she added.

Sitharaman also spoke about the condition of non-banking financial companies (NBFCs) and reiterated they “do not want anyone falling off the cliff and are making sure funds reach NBFCs.”

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First Published on Dec 7, 2019 12:56 pm
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