Key takeaways from finance minister speech on growth measures for Indian economy

Union finance minister Nirmala Sitharaman in a press meet held on 23rd August 2019 has announced a raft of measures to boost the securities market and economy. Some of the key announcements includes the relief to the FPI from the enhanced surcharge, de-criminalization of CSR violations, and immunity to eligible start-ups and investors from angel tax.

Here are the key highlights of announcements

  • Enhanced Surcharge on domestic and foreign investors levied by Finance Act, 2019, will be applicable from the current financial year.
  • Income Tax orders, notices, summons, letters, etc. will be sent only through centralized system. It will have a computer generated unique ID Number.
  • Non-compliance of Corporate Social responsibility will not be a criminal offense and would only be a civil offense.
  • Delayed payments from the Government and government institutions will be expedited and monitored by the Department of Expenditure and their performance will be reviewed by the cabinet secretariat. 
  • Startups get relief as angel tax provisions will not be applicable on them and their investors.
  • All pending GST refunds to MSMEs till date shall be paid within 30 days and future refund matters to be sorted out within 60 day.
  • Government will allow additional 15% depreciation on vehicles acquired from now till March 2020.
  • Government shall take further measures to make GST compliance easier.
  • NBFCs shall be permitted to use Aadhaar authenticated bank KYC to avoid repeated procedure. NHB’s additional liquidity support for HFCs raised by Rs 10,000 crore to Rs 30,000 crore.

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