Making several announcements to boost Indian economy, Finance Minister Nirmala Sitharaman today said government has decided to withdraw surcharge on FPI and angle tax on startups. Among other important announcements, Sitharaman said the CSR violations wouldn't be treated as criminal offence and all pending GST refunds will now be released within 30 days.
To address slowdown in the auto sector, the government also announced a slew of measures on purchase of BS-IV vehicles and additional 15 per cent depreciation on vehicles.
Here are some key announcements:
* Enhanced surcharge on FPIs stands withdrawn. Surcharge on domestic investors in equity markets also withdrawn
* All pending GST refunds till now shall be paid in 30 days. Future GST refunds to be paid in 60 days.
* BS-IV cars purchased till March 2020 to remain operational for the entire period of registration.
* Govt asks its departments to replace old vehicles
* Higher vehicle registration fee deferred to June next year.
* Higher depreciation for all vehicle: Depreciation increased to 30 per cent for all vehicle purchased till March 2020.
* Scrappage policy to be announced soon.
* Govt withdraws angle tax provision for startups and their investors.
* Banks to make home, auto loans cheaper. Banks have agreed to pass on the rate cut announced by RBI to customers. Banks to launch Repo Rate linked loans.
* Online tracking system for home, auto loans.
* PSBs to return loan documents to customers within 15 days of loan closure.
* NBFC can now use Aadhaar-based KYC
* Prepayment notices issued to NBFCs will be monitored by banks.
* Additional liquidity to support Housing Finance Companies by National Housing Board increased to Rs 30,000 crore
* Aadhaar-based KYC for opening demat accounts and investment in mutual funds
* One-time s ettlement policy for MSME loans. Policy to be based on check box approach
* Laws to be amended to ensure one MSME definition.
* Govt to release Rs 70,000 crore upfront for PSBs recapitalisation.
* CSR violation would be treated as a civil offence, not a criminal offence.
* 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.
* Govt working to bring offshore rupee market to domestic market.
* Govt to consult with RBI to enhance Credit default swap options.
* As Prime Minister Narendra Modi said, govt respects the wealth creators. Govt wants resolution not prosecution.
* Task Force to be formed to finalise ways to fund infra projects; projects to be monitored actively to accelerate capital expenditure and investment.
* FM Sitharaman vows to simplify the GST system further.
* Slowdown in consumption is not specific to India and emerging nations.
* Current global GDP growth is expected at 3.2% and probably going to be revised downwards.
* Indian growth is still higher compared to many countries.
* China trade war and currency devaluation leading to volatile.
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