SME Times is powered by   
Search News
Just in:   • PSBs disbursed Rs 82K cr retail loans in 9 days: Sitharaman  • J&K reorganization to promote inclusive growth: Naidu  • Credit crunch  • BSNL staff to get salary before Diwali: PurwarBSNL staff to get salary before Diwali: Purwar  • Sensex up 167 points, auto and banks gainSensex up 167 points, auto and banks gain 
Last updated: 06 Sep, 2019  

Sitharaman.9.Thmb.jpg No impact on social sector spending due to tax shortfall: SItharaman

TAX rupee flag
   Top Stories
» PSBs disbursed Rs 82K cr retail loans in 9 days: Sitharaman
» J&K reorganization to promote inclusive growth: Naidu
» All key reforms in last 5 yrs, claims FM
» Focus on demand rather than on deficits: Nobel laureate Banerjee
» GeM can become India's Amazon: Commerce Minister
SME Times News Bureau | 06 Sep, 2019

Finance Minister Nirmala Sitharaman on Friday said that there would be no any scaling down of the social sector spending due to any possible shortfall of tax revenues.

"Any tax collection shortfall will not affect commitments made to social sector spending", she said after interaction with industry and tax officials here in her continuing series of meetings with stakeholders.

Her statement comes amid speculation that some welfare schemes may be axed due to possible shortfall in revenues due to poor tax collections. The Government has many welfare projects on hand such as giving income support to farmers among others. The gross Goods and Services Tax (GST) collection in August, 2019 stood at Rs 98,202 crore.

On the usage of the RBI's Rs 1.76 lakh crore surplus transfer to the government which could be utilised for social welfare projects, she said the government has not decided how to use the funds.

Earlier she said wealth creators and job creators have to be facilitated, hinting at a better approach towards the assesses.

"We have given a message to the tax officer that while performing duties, do not overreach... assessess are well within their right to treat a tax notice without DIN (Document Identification Number), she said, adding the government is engaging with tax stakeholders to understand and address any issues they face. The tax department has to promote faceless scrutiny. It will reduce tax harassment from Vijay Dashmi day", the FM said.

She further stressed that identification for audits will be faceless, randomised and use of technology will make assessment process a lot more transparent.

On the steps to check slowdown, the FM said the government has addressed apprehensions of manufacturers and consumers. She said many of the government responses are in step with recommendations made by stakeholders. "We are looking at challenges the various sectors are facing, we are speaking to stakeholders and taking a considered view on the response we can give to various challenges. We are continuously engaging with all sectors to assess challenges and formulate responses", she said.

In the last few days , Sitharaman has announced a slew of measures, including withdrawal of FPI surcharge, merger of banks among the key steps to boost the economy and take the industry out of slowdown.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 15 Oct, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Can't say
  Commented Stories
» Collateral free loans available for MSMEs: Minister(2)
» Credit off-take by banks slows to 8.8 pc: RBI data(1)
» Slowing economy needs a boost(1)
» BSE suspends Fairwealth Securities from cash equity segment(1)
» Appoint distributors, expand your business(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter