‘New India will trust entrepreneurs’ says Finance Minister Nirmala Sitharaman 

GUWAHATI: “The government is committed to build an India where we can trust our entrepreneurs,” said Union Finance and Corporate Affairs Minister Nirmala Sitharaman while addressing representatives of trade and industry here on Thursday.

The Union Finance Minister stressed the need for simplification of the direct tax regime, removal of exemption, reduction of income tax rates and decriminalization of tax laws. With regard to GST, the Finance Minister assured the delegates that the issue of delayed refund of CGST and IGST would be addressed on a priority basis.

The Union Finance Minister further said that “the present Union Government went through the existing Income Tax framework and nearly 70 exemptions were removed. The government is trying to simplify the taxation structure and as a part of it, we removed MAT and Dividend Distribution Tax,” she added. The government is committed to steadily move towards a less regressive regime and help to close all disputes pertaining to taxation.

While speaking to the industry representatives, the Finance Minister said that the traditional industries in the North East should have facilities to exhibit themselves and wanted the region to benefit. To achieve this, Self Help Groups (SHGs) will be given greater access to credit to supplement the economy.

The Finance Minister said that the government is working to remove the criminal angle in business transactions. Speaking on the ‘Vivaad se Vishwas’ scheme, she said that if any settlement is done, no prosecution will be initiated. Replying to the queries of traders and industry representatives, the Finance Minister informed that for two hours every day between March 1 and 15, each district office of the Central Board of Indirect Tax and Custom will remain open and the staff will be available for any tax-related clarification of the general public.

Speaking about the MSMEs, the Union Finance Minister said that several steps have been taken to help this sector. Stressed MSMEs have the opportunity to approach the public sector banks and request them for restructuring. Sitharaman informed that the time limit for this has been extended till December 31, 2020, stated a PIB release.

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