Finance Minister On The Economy: Nirmala Sitharaman Says Any Shortfall In Tax Revenue Won’t Affect Social Sector Spending
Not Decided How To Use RBI Surplus
The finance minister reiterated that no decision has been taken yet on how it will use the surplus transfer from the RBI.
“As regards to the surplus reserves, we have not taken a call on how that is going to be used. When we take a call, we will certainly let you know.”
Tax Shortfall Won't Affect Social Spending
The finance minister said that the tax collection targets have been given to the respective departments after “after due consideration and discussions”.
“If there are any challenges, as a result of which collections will be far lesser, we’ll look into it as and when the situation develops,” Sitharaman said. “But certainly it will not affect the commitments towards social sector spending made in the budget.”
Document Identification Numbers From Oct. 1
From Oct 1, any notice issued for a tax claim will be have to be issued with a document identification number.
“When a notice is issued to an assessee with a claim, that notice itself will have to be issued with a document identification number. Unless there is a DIN, the assessee is well within his rights to consider the notice as not issued,” Sitharaman said.
Faceless Assessment And Random Scrutiny
From Oct. 8, the government will bring in faceless assessment for CBDT and CBIT. It will also randomise the scrutiny process. “With faceless assessment and randomised scrutiny the probability of any irksome harassing intrusion in their activity can be cut down,” Sitharaman said.
Finance Minister's Press Conference To Begin Soon
Finance Minister Nirmala Sitharaman will address the media soon after her meeting with tax officials in Kolkata which is currently underway.
Sitharaman’s press conference is expected at around 8 p.m., according to Finance Ministry’s communication.
On Aug. 23, the Finance Minister had announced a slew measures to to boost the economic growth which is now at a six-year low. Following her announcement, she had said that she will make two more sets of announcements aimed at fixing specific sectoral issues.
Of those two, she announced merging ten state-run banks into four large ones last week.
The finance minister has also been going around the country meeting tax officials as India has set itself an ambitious revenue target for 2019-20.
During the course of her meetings, she has told authorities observe restraint and not harass anyone for tax collection. She has claimed after every meeting that the tax targets are well within the reach of the government.