Will Respond To Challenges Faced By All Sectors, Says Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman during a press conference in Kolkata. (Source: PTI)

Will Respond To Challenges Faced By All Sectors, Says Finance Minister Nirmala Sitharaman

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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 said in a press conference in Kolkata.

"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 Chairperson, Central Board of Direct Taxes and Central Board of Indirect taxes and Customs .

Also read: Finance Minister Asks Large CPSEs To Make Investments To Pump Liquidity

"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.

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 harassment," 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.

Also read: File Appeals In Organised Tax Evasion Cases; Don’t Stick To Monetary Threshold, Says CBDT

"If a notice of a tax claim is not accompanied by a DIN (Director Identification Number), 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".

Also read: Finance Minister On The Economy: Nirmala Sitharaman Says Any Shortfall In Tax Revenue Won’t Affect Social Sector Spending

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