Continuous efforts are being made by the government to overcome the economic slowdown. Speaking at an event on Saturday, Finance Minister Nirmala Sitharaman said that other measures are being considered including rationalizing the income tax rate to bring the economy back on track . He said that the government has taken several steps in August and September to strengthen the economy.
When asked whether relief will be given in income tax rate? In response, he said that the income tax rate is being considered more rational. Especially since the cut in corporate tax, its demand has increased further. The Finance Minister said that relief in income tax rate is one of the various measures that the government is considering. The demand for tax cuts is important because people can increase their purchasing power and demand increases.
The Finance Minister said that the public sector banks have been instructed not to compromise with caution but try to accelerate the demand. Nearly five lakh crore rupees have been disbursed in the last two months in remote areas to boost demand. Domestic demand contributes about 60 per cent to India's economy.
Finance Minister assured that taxpayers will not be disturbed. He said that the intention of the government is to make the tax system more easy. She also wants to remove various types of exemptions. Giving the example of corporate tax, he said, "Now these taxes are moving towards an easier and exempt-free system."