Finance Minister Nirmala Sitharaman has said that the Government wanted to place money in the hands of the people, particularly the middle and lower-middle classes. Addressing a press conference in New Delhi after presenting the Union Budget 2020-21, Ms Sitharaman said, Government also wanted to simplify income tax process and increase compliance.
She said, the introduction of taxpayer charter is a major step that is in line with the Government’s commitment to ensure honest taxpayers are respected. She said, it is an article of faith for the Government.
The Minister said, Government had to relax fiscal deficit target by 0.5 percent to boost consumption demand, private investment and public spending. She added that the decision was taken as the revenue side could not be pressed further, without violating Fiscal Responsibility and Budget Management.
Ms Sitharaman said, corporate tax cuts and benefits derived by new companies, improved GST collections will boost revenue generation. She said, it will also give the comfort to bring down fiscal deficit next year with improved disinvestment. The Minister said, it is for the first time in the country that such significant and bold reforms have been introduced in the Budget to deepen the bond markets.