Government announces a slew of measures to control economy slump
Union Finance Minister Nirmala Sitharaman in a press conference held on Friday, announced a slew of measures to cheer up the slowing Indian economy. Here are all the major announcements whcih she made:
• Surcharge on High Net-worth Individuals (HNIs) to be reviewed.
• Government has formed a committee to look into the grievances of home buyers. Announcement likely next week.
• From 8th Oct, 2019, there will be faceless scrutiny and jurisdiction less scrutiny of Income Tax (IT) and GST Returns
• No intention of the government to go into prosecution route, CSR violation will not be criminal offence, will only be taken via Civil route
• Issue of IT letters, notices to go by a centralised computer system from Oct 1, 2019. It will have an unique ID (DIN).
• All IT notices to be disposed off within 3 months from date of reply. All existing notices will be disposed off before 1st Oct 2019.
• Enhanced surcharge levied on Long Term Capital Gain (LTCG) and Long Term Capital Gain (STCG) cancelled. Pre-budget position is restored on it.
• Angel Tax relief- to mitigate genuine difficulty of Startups section 56(2) not to be applicable to DPIIT registered startups.
• Public sector Banks to get Rs. 70,000 Cr recapitalisation immediately.
• Banks will pass on rate cuts by RBI to borrowers, launched repo rate or external benchmark-linked loan products.
• Online tracking status of all loan applications inorder to increase transparency, reduce harassment, and quicker response.
• Surcharge on domestic investors in equity markets removed, restoring pre-budget position.
• GST refunds due to be paid to MSME shall be paid in 30 days from today. From now, future GST refund matter for MSME will be shorted out within 60 days.
• NBFCs will now be permitted to use Aadhaar authenticated bank KYC to avoid repeated process
• Aadhaar based KYC to be accepted for opening Demat accounts.
• An inter-ministerial task force is being formed for execution of Rs.100 Lakh Crore expenditure on Infrastructure as announced by the Prime Minister on Independence Day.
• BS IV vehicle registered by 31st March 2020 will be operational for entire period of registration, revision of one-time registration fees differed till June 2020.
• Ban on government departments lifted for purchase of vehicles to replace old ones.