Finance Minister Sitharaman said that the government has only introduced a new and simple tax system

Finance Minister Sitharaman said that the government has only introduced a new and simple tax system.

Finance Minister Nirmala Sitharaman said that no time limit has been set to eliminate the old system of income tax. The government has just introduced a new and simpler tax system which is like an incentive for the low income group. The Finance Minister said this while discussing the budget with reporters in Mumbai. At the same time, Chief Economic Advisor V Ananth Nageswaran, who was present during this time, rejected the allegations that the new tax system will discourage private savings and this will have an impact on the country’s economy. Through this, people have been given many options as to what they want to use their money for, he said.

Responding to a question about the controversial introduction of P-notes for Gujarat International Finance Tec City (GIFT City), Union Finance Secretary TV Somanathan said it was issued keeping in mind the competition with other such international financial services centres. He said that India has the right to reduce the risk in this regard. Talking about Rs 35,000 crore spent on green initiatives in the budget, Somanathan said it would be mainly used for retrofitting petroleum refineries and increasing strategic storage capacity to meet the challenges of climate change.

Finance Secretary Somanathan said the decision to convert interest due on mobile service provider Vodafone Idea into shares is part of a package designed for all telecom companies. The government’s shares in Vodafone will be held by the Department of Investment and Public Asset Management (DIPAM). The main focus in the budget is on economic growth Union Finance Minister Nirmala Sitharaman said on Saturday that the main focus in the general budget presented for the financial year 2023-24 The focus is on economic growth. The finance minister, who arrived in Mumbai with top officials of the ministry after presenting the budget, said the main focus has been on growth. We want to maintain economic growth with revival. PLC/GT