NEW DELHI:Finance Minister Nirmala Sitharaman on Saturday said the Government may announce a cut in the personal tax rate in the 2021 Budget and other stimulus to revive growth.
“One among the many things we are looking at,” Sitharaman said about a possible a cut in personal income tax at the 17th Hindustan Times Leadership Summit.
Asked how soon this could happen, the finance minister said, “wait for the Budget.”
The Union Budget for fiscal 2021 will be presented in February.
Sitharaman also said the government would simplify the tax regime and was making it harassment-free.
“We have commenced tax enquiries through the ‘faceless’ method and are moving towards harassment-free tax assessment ? a simplified and exemption-free tax regime,” she said.
The minister suggested that she would not go by the assessment that the economy had already bottomed out.
On the economic slowdown, Sitharaman said it is “sector-specific”, adding that she would like to believe there is a recovery in some sectors, while some sectors still need some help.
“My attention is on greater stimulus,” she said.
The Indian economy grew at 4.5 per cent in July-September, the slowest pace in six years.
Sitharaman also addressed concerns about the goods and services tax (GST) and called it a “good law, much required for India”.
She said that every GST Council meeting was focussed on reducing GST rates.
On India becoming a $5 trillion economy, the minister said that focus would be on skill-driven jobs and stressed on the building blocks of homes, insurance, healthcare and the environment.
“The Government’s vision is homes, energy and skills,” she said.(AGENCIES)
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