Will respond to challenges faced by all sectors: FM

Finance Minister Nirmala Sitharaman has assured that the government will respond to the challenges faced by all the sectors. She, however, claimed that due to new changes in economic sectors including the collection of tax will not affect the entrepreneurs.

Kolkata (West Bengal): Union Finance Minister Nirmala Sitharaman on Friday said that the government will respond to the challenges faced by all the sectors.

Every possible help will be extended to them, she told in a press conference.

"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 that the Centre is "continuously engaging with the sectors facing challenges and interacting with them".

During the press conference, ETV Bharat asked the Finance Minister that why after two rounds of growth measures (announced on 23 August and 30 August), the positive sentiment has not built up in the stock market? Responding to which Nirmala Sitharaman said "I think at this stage I am not ..be able to respond to that specific question. As I said we are responding to every sector in the ways in which they have asked us to respond. May be they would have asked us to 10 I may not have responded to 10."

About revenue collection during the current financial year, the minister said targets have been given to the CBDT (Chairperson, Central Board of Direct Taxes) and CBIC (Central Board of Indirect taxes and Customs).

"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 the social sector will not be affected," she said.

On transfer of the Reserve Bank of India (RBI) surplus to the government, she said that 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, said that 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 (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".