GUWAHATI: “Far flung areas in North East will be given greater access to credit, with adequate number of ATM’s and branches”, says Union Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman while addressing the trader and industry representatives here on Thursday.
Talking about the Union Budget, Sitharaman said, “The budget should not be confined to the Parliament. It should meet the expectation of the common man and industry representatives. For this purpose after tabling the Union Budget 2020-21, a series of financial inclusion Outreach programmes are being organised in different states.” The Government was committed to build an India where we can trust our entrepreneurs, she added.
While addressing the gathering the Union Finance Minister stressed on the need for simplification of direct tax regime, the need for removal of exemption, reduction of income tax rates and decriminalisation 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 priority.
The Union Finance Minister further said that the present Union “Government went through existing income tax framework and nearly 70 exemptions were removed. 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 less regressive regime and help to close all disputes pertaining to taxation.
While speaking to the industry representatives, the Finance Minister said that traditional industries in the North East should have facilities to exhibit itself and wants the region to benefit. To achieve this, Self Help Groups will be given greater access to credit to supplement the economy.
The Finance Minister said that government was working to remove the criminal angle in business transactions. Speaking on Vivaad Se Vishwass scheme, she said that if any settlement was done, no prosecution would be initiated.
Replying to the queries of traders and industry representatives, the Finance Minister informed that between 1st to 15th March for 2 hours every day, each district office of Central Board of Indirect Tax and Custom remains open and the staff will be available for any tax related clarification to general public.
With regard to development of infrastructure, the Union Finance Minister stated that setting up more cold storage facilities was a priority of the government. It was stated that Sibsagar in Assam had been identified as one of the five iconic archaeological sites to be developed as iconic sites.
During the second session, the Union Finance Minister along with the Chief Minister of Assam, Shri Sarbananda Sonowal and the State Finance Minister Himanta Biswa Sarma interacted with Academicians, Economists & policy experts.
Speaking about the MSME, the Union Finance Minister said that several steps have been taken to help MSMEs. Stressed MSMEs have the opportunity to approach the public sector banks and request them to restructuring. Smt Sitharaman informed that the time limit for this has been extended til 31st December 2020.
Addressing a Press conference later at Guwahati, Union Finance Minister informed that banking reach would be increased in the region with special emphasis on tea garden. She further said that bankers have been instructed to provide adequate ATMs in 17 districts of the state to cater to the tea garden areas as per mapping by state government.
The Minister also emphasized that apart from increasing the ATMs in rural areas, there is a move to mobilize Bank Mitras for complementing and supplementing banking services in rural areas especially tea gardens.