Finance Minister Nirmala Sitharaman on Saturday said that the new tax regime was revised with a view to provide relief to taxpayers and save more money in the hands of people.
New Delhi. Finance Minister Nirmala Sitharaman on Saturday said that the new tax regime was revised with a view to provide relief to taxpayers and save more money in the hands of people. Answering a question on the new tax regime in the press conference held after the RBI board meeting, he said that more deductions have been made for the people in the new tax regime, which saves more money in their hands. The new tax regime lightens the tax burden on the people. Sitharaman said that the government had already asked to reduce the tax rate and make it easier.
The Finance Minister participated in the Customary Central Board of Directors meeting of RBI on Saturday after the Union Budget 2023-24. After this meeting, Sitharaman has said this in the press conference regarding the new tax regime. RBI Governor Shaktikanta Das was also present along with the Finance Minister in this meeting and the subsequent press conference.
New tax system will reduce the tax burden
The aim of the new tax regime is to reduce the tax burden on the middle class. The minister said that there is no need to tell the government where people should spend their money. He said that it is not necessary to motivate individuals to invest through government schemes. Rather, they should be given the opportunity to take individual decisions regarding investment.
Responding to a question on cryptocurrency and Adani Group issue, Sitharaman said that Indian regulators are very experienced and experts in their domain. So it should be left up to them. Technology has more role in cryptocurrency, so we are talking to all the countries. If rules have to be brought regarding crypto, can any standard operating procedure be followed, because a single country cannot do anything on crypto. Discussion is going on with G20 countries on this.
RBI Governor said
RBI Governor Shaktikanta Das predicted retail inflation to soften to 5.3 percent in the next financial year 2023-24. He added that if oil prices go down significantly and if other commodity prices benefit, it will work in our favor in terms of leading to lower inflation. But if the demand for oil increases due to high growth in other countries, then the prices of the commodity may increase.
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