Interview with Nirmala Sitharaman: Finance Minister Nirmala Sitharaman said on Sunday that 120 types of options had been exempted in the tax system so far. This made it difficult to determine the true potential of taxpayers. In this way a new and easy option is given. Speaking with special correspondent ‘Hindustan’ Saurabh Shukla, the finance minister said that the old option has also been kept so that people are not taxed all at once.
Ask: ‘ Ordinary taxpayers are confused about the new income tax option. They cannot understand whether to choose the new option or is it better to adopt the old one?
answers: There is no confusion at all. The picture is completely clear. For decades, investment and other exemptions in the budget have been extended. As a result, not only did the tax on the tax authorities increase, but people also had to pay a hefty fee to the chartered accountant to save tax. Not only this, taking advantage of their exemption in various items, was it difficult for the government to figure out how much tax the country’s taxpayers can actually pay? Therefore, the government has scrapped 70 of the 120 tax exemption options under the new system. We have also kept the old system so that people don’t have to put pressure on them to give up the possibility of exemption. The government has released people to invest. They are not forced to invest.
Ask: ‘ Why was it necessary to announce the Tax Statute in the budget?
answers: The government wants taxpayers’ rights to be legally recognised. Do not disturb them in any way. We studied the law applicable in several developed countries. To this end, I discussed the suggestions drawn up in the Ministry of Finance with the Prime Minister himself.
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The Prime Minister said this must happen. Only then did the government announce the tax status in the budget. We don’t want tax officials to message anyone to create enmity on a personal level. In the new system, messages are only sent to the people after they have been approved by the system.
Ask: The economic slowdown has eased compared to previous years. What will happen in the coming years?
answers: Our goal is for the economy to grow by 10 percent continuously over the next four to five years. There have certainly been many announcements made within and outside the budget to achieve this goal. We are hopeful that investment will come from all sides in the country. This not only benefits the economy, but also investors. The government will run Krishi Rail and Krishi Udan Yojana. This gives farmers a better price for their products. In addition, other types of economic activities will also take place, which will boost the economy by creating employment opportunities.
Ask: How does the economy get a boost?
answers: In the current era, the country’s economy cannot be accelerated with the help of one engine. Both the government and the private sector will have to come forward for this. The government has set out a roadmap for development by easing investment and law and order. Now we have to invest in various sectors. Once the investment starts, there will be development in all sectors such as cement, iron, agriculture and the economy will gain strength.
Ask: The industry is disappointed in the budget. He thought that the finance minister would certainly give an aid package, but that didn’t happen. ,
answers: After assessing the situation only after the last budget, I announced a reduction in corporate tax. The government has also placed a burden on the treasury for this. Arrangements have also been made to provide easy loans to small entrepreneurs. But it is seen that the industry is using that amount to pay off old debt or save. How the government benefits should be used may be a personal choice of business. Even if industries keep their money in empty banks, we will not lose out. Even this is improving our banking system and banks will be able to provide more loans. The industry will invest in the coming months and good results will also be achieved.
Ask: There is no such figure in the budget, from which it is possible to estimate how much employment will be created?
answers: Look, we’ve put money in the budget on all fronts, such as agriculture, rural development, sanitation, water and infrastructure. We are investing in small infrastructure that will put an end to unemployment in the near future. Let me give an example of a plan. In the name of ‘Sagar Mitras’ we will be recruiting and deploying people on a large scale, such as bank correspondents in the banking sector. The government will also train self-help groups and deploy them on many fronts. In addition, initiatives will be taken in various sectors to create jobs through increasing activity. At the moment the government has an initial assessment of jobs but we have not told because questions will be asked about them from the very next day. After seeing the effect for a few days, we decided to give the exact numbers of jobs.
Ask: On the divestment front, the government has not been as successful as it thought. What is the strategy for the future?
answers: In July last year I became Minister of Finance. If I had had at least a year, I would have met the divestment target. After I took over, the work of divestment in companies has started at a rapid pace. In seven months, work has been done to improve the condition of companies and make divestment capacity. Soon the work of selling part of it will also be completed. Many results will be published by the end of this financial year.
Ask: The government has reduced the amount of spending on many items according to their demand. MGNREGA is one of them. What is the reason for this? Can it be extended if necessary?
answers: Look, according to which question is asked about the schemes, according to which the central government allocates the amount. The funds have been distributed in all schemes after a thorough assessment. The government has retained a total budget of Rs 2.83 lakh crore for schemes related to farmers and rural areas. Therefore, the claim of austerity is false. As for MNREGA, the amount is allocated according to the demand. If demand increases in the coming days, the government will give more money.
Ask: Why was the decision made to increase customs duties on many items?
answers: After several rounds of meetings at the Ministry of Finance, I decided to increase the customs duties on several items. Here I would like to say that this decision was made in the interest of the country. Indian businessmen will benefit from this. There is none of the products subject to customs duties that are not made in the country. I can say with certainty that the quality of the products made in the country is equal to or better than the products made abroad. In such a situation, people should only buy native products. We do not want such a product, which is made in the country of better quality, to be imported by spending foreign currency on it. If a person personally wants to buy something made abroad, he should not hesitate to pay more money. The government has increased customs duties only on fully made products. The tax burden on raw materials has not been increased.