Economy

Budgetary allocation to social sector will not be hit, says FM

‘Government is yet to decide on use of surplus funds transferred by RBI’

Finance Minister Nirmala Sitharaman said on Friday that while the government will look into any challenges being faced by the economy, it will not allow Budgetary allocations to the social sector to be affected.

She said this in response to a query on whether tax targets would be met in the wake of economic slowdown.

The Minister also said the government was yet to take a call on the utilisation of surplus funds transferred by the Reserve Bank of India.

Ms. Sitharaman, who was accompanied by the Revenue Secretary and the CBDT Chairman, said as part of an initiative to improve transparency, any notice issued by the Income Tax Department for tax claims from October 1 will have a distinct document identification number (DIN). This will be issued through a centralised process and with approval.

“We are adopting technology to make the process non-discretionary and transparent, she said.

No threat from e-vehicles

She removed any apprehensions regarding the continuance of non-electric vehicles, saying they would be allowed to run for the entire validity of their registration period.

This is the seventh city being visited by the Finance Minister to meet local chambers and trade bodies to understand their pain points.

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Printable version | Mar 26, 2020 2:46:46 AM | https://www.thehindu.com/business/Economy/budgetary-allocation-to-social-sector-will-not-be-hit-says-fm/article29354934.ece

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