Union Finance Minister Nirmala Sitharaman addressed a press conference on Friday in Delhi giving a brief a picture of the global economic scenario and reforms of the current government to deal with the economic situations in the country. Addressing the press briefing, the Finance Minister said that the current projected global GDP growth is of about 3.2 % and probably is going to be even revised downwards. Nirmala Sitharaman reiterated PM Modi's remarks on wealth creators of Indian economy, adding that respect for them is the spirit of the budget of the current fiscal year.
"Respect for wealth creators was the spirit of the budget for FY20, consultations with different sectors to understand their needs thereafter. They were in-depth consultations," the Finance Minister said.
Adding that there will be faceless tax scrutiny from October 8, 2019, Nirmala Sitharaman asserted that it will mean there will no officer who might talk about things with the wealth creator that may be seen as "harassment". She further ensured that the whole process will become faceless and randomised.
"There will be faceless tax scrutiny from Vijay Dashmi (Dussehra) this year which will mean that there shall not be even that one odd overenthusiastic officer who might go and sit & talk about things, which may be construed as harassment. That will not happen because the whole process is going to become faceless and it will be randomised," the Finance Minister added.
During the press briefing, Nirmala Sitharaman also assured that tax reforms will be simplified and GST returns will be reduced. She asserted that a risk-based approach is being taken to deal with the tax-payers involving high risks.
"Reduction in GST returns and simplification of tax reforms is being worked upon and I assure you that sooner the GST will come up with simplified and even less number of forms. The refund process has almost become automatic. I have made it clear that the refund should go through as a process - freeflow. But if there are obstructions to it, I have assured action is taken. Risk-based approach is being taken in dealing with the tax-payers where there is high risk, where there is suspicion based on the ground factual record, action will be taken. There are simplifications being done in taxation," Nirmala Sitharaman added.
Finance Minister Nirmala Sitharaman's remarks have come in the light of PM Modi's remarks in his independence day speech where he declared that the wealth creators should not be eyed with suspicion, that they are the country's wealth and should be respected. Addressing the country from the ramparts of the Red Fort on the 73rd Independence Day, PM Modi had said wealth creation is a great national service.
"Let us never see wealth creators with suspicion. Only when wealth is created, wealth will be distributed," he said. "Wealth creation is absolutely essential. Those who create wealth are India's wealth and we respect them," the Prime Minister had said.