Will respond to challenges faced by all sectors: FM Nirmala Sitharaman

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Published: September 7, 2019 9:50 AM

On transfer of RBI surplus to the government, she 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.

Vijaya Dashami, sector, FM, Nirmala Sitharaman, economy news, finance minister, RBI, finance minister FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday said the government will respond to the challenges faced by all the sectors. Every possible help will be extended to them, she told a press conference here.

“We are looking at the challenges which the sectors are facing. We will respond to the challenges and extend every possible help,” Sitharaman said to a query on the ongoing slowdown of the economy. She said the Centre is “continuously engaging with the sectors facing challenges and interacting with them”.

About revenue collection during the current financial year, the minister said targets have been given to the CBDT and 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.

On transfer of RBI surplus to the government, she 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.

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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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