New Delhi, 25 March (H.S.):

Union Finance Minister Nirmala Sitharaman, responding to the debate on the Finance Bill 2026 in the Lok Sabha on Wednesday, stated that the government is empowering MSMEs, farmers, and cooperative societies. Addressing the House, she emphasized that employment and development remain at the core of the government's agenda. She reaffirmed the commitment to supporting key sectors like digital technology, electronics, and defense to transform India into a developed nation.

Sitharaman asserted that reforms in India are not driven by external pressure but by steadfast conviction, with the country accelerating ahead on the reform express. The government is pursuing reforms with confidence while simplifying the tax system. Relief measures for honest taxpayers include exempting 17 life-saving drugs from customs duty and introducing an online process for small taxpayers. She highlighted the focus on building a trust-based tax regime, where honest taxpayers face fewer hassles. Several steps have been taken to make tax administration more transparent and user-friendly.

The Finance Minister clarified that even after the taxpayer reassessment process begins, individuals can still update their returns. Typically, once such a process starts, returns cannot be revised, she noted. To provide relief to ordinary citizens, the government has announced the removal of basic customs duty on 17 essential life-saving drugs, which is expected to lower their prices and directly benefit patients. For small taxpayers, processes have been streamlined further: a rules-based automated online system now issues low or nil TDS certificates, cutting both time and complexity.

Additionally, Sitharaman pointed out that revenues from cess and surcharges collected by the central government are being spent in excess on various state schemes, providing financial support to the states. The Finance Bill includes multiple measures to strengthen agriculture, fisheries, and cooperatives. Primary cooperative societies currently enjoy tax exemptions when supplying milk, fruits, and vegetables to their federal cooperative bodies.

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Hindusthan Samachar / Jun Sarkar