Politics

Finance Minister Nirmala Sitharaman announced key measures to boost the economy today

Union Finance Minister Nirmala Sitharaman today dismissed all talks about the economic slowdown. Sitharaman said India’s economy is growing at a faster rate than any other major world economy.

At a press conference in New Delhi, Nirmala Sitharaman and senior officers of the finance ministry announced a host of measures to boost the country’s economy.

Here are some key announcements:

Investors: Enhanced surcharge on FPIs stands withdrawn. Surcharge on domestic investors in equity markets also withdrawn

Aadhaar-based KYC for opening Demat accounts and investment in mutual funds.

Industry: CSR violation would be treated as a civil offence, not a criminal offence. * All pending GST refunds till now shall be paid in 30 days. Future GST refunds to be paid in 60 days.

Auto sector: BS-IV cars purchased till March 2020 to remain operational for the entire period of registration. Scrappage policy to be announced soon.

MSMEs: * Govt withdraws angle tax provision for startups and their investors.

Income Tax: FM vows steps to end tax harassment. Old tax notice to be decided by October 1. From October 1, all Income Tax notices must be disposed off within 3 months.

Additional liquidity to support Housing Finance Companies by the National Housing Board increased to Rs 30,000 crore .

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