Finance minister Nirmala Sitharaman will present the budget on february 1, 2025. And before presenting the general budget, the budget team of the Finance minister is ready, which was incomplete due to the appointment of former Revenue Secretary Sanjay Malhotra as RBI Governor. The Appointments Committee of the cabinet has approved the appointment of Tuhin Kanta Pandey as Secretary of the Department of Revenue. Tuhin Kant Pandey was currently the Finance Secretary as well as the Secretary in the Department of Investment and Public Asset Management (DIPAM).
Tuhin Kant Pandey became Revenue Secretary
After Sanjay Malhotra was made the governor of the Reserve bank of India, Arunish Chawla was immediately appointed as the Revenue Secretary in his place. But Tuhin Kant Pandey has been made the Revenue Secretary who will be responsible for the decisions taken in the budget regarding Direct Tax and Indirect Tax. The Secretary of the Department of Revenue has the biggest role in preparing the budget. The responsibility of raising revenue for the government in the next financial year and achieving the target announced in the budget for raising revenue rests on him. The Revenue Secretary is the supreme boss of the Central Board of Direct Taxes (CBDT) under which the Income Tax Department comes and the Central Board of Indirect Taxes and Customs (CBIC) which collects GST, excise duty and custom duty for the government.
There will be responsibility to reduce the tax burden
There is a lot of pressure on the central government to reduce the tax burden on the middle class. In the pre-budget meeting, economists, representatives of the industry and representatives of trade unions have advised the Finance minister to reduce the tax burden while giving relief to the salaried class from inflation. In such a situation, there will be pressure on Tuhin Kant Pandey to reduce the tax burden without harming the revenue target. After the appointment of Tuhin Kant Pandey as Revenue Secretary, Arunish Chawla has been made DIPAM Secretary. He has also been given the responsibility of Department of Public Enterprise, Finance Ministry. Arunish Chawla will be responsible for raising revenue for the government through disinvestment.
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