Tax cuts under consideration, focus on boosting growth, says Nirmala Sitharaman
She further spoke about simplifying the tax regime and making it harassment-free
December 07, 2019 / 03:02 PM IST
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.”
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.”