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Investors: Enhanced surcharge on FPIs stands withdrawn. Surcharge on domestic investors in equity markets also withdrawn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