Finance Minister Nirmala Sitharaman delivered the inaugural speech at the 17th Hindustan Times Leadership Summit.
“Tax rate cut is one among the many things we are thinking about to boost growth,” she said. “Fiscal discipline is a law. I have to obey the act. I have to go by the glidepath given to me from 2014 if not 2004.The learned economists are telling us that we have to pause the fiscal discipline and move towards more fiscal stimulus.”
Speaking about proposals to boost the economy, the Minister said she would like to hear suggestions on what can be done to raise consumer confidence, “I ask that question all the time. I do not want to think what I have done is enough. I want to know it from others. That question cannot be alone addressed by me.”
“From now on, the taxation regime will be simplified, exemption free. We are moving towards a more simplified and harassment-free taxation regime,” added the Finance Minister.
On addressing GST issues, she said, “In enthusiasm to reduce more taxes, credit became minuscule and the framework originally agreed upon on phase one of GST got distorted… I can only give a confidence that we shall have a streamlined GST and address the issue for the assessee.”