For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

7 Key Announcements Made By FM Nirmala Sitharaman

|

Finance Minister, Nirmala Sitharaman today announced some key measures for MSMEs, Capital Markets, Auto Sector and individual tax payers. Here are 7 key measures that were announced:

1. Surcharge on capital gains tax goes

The government announced a rollback on surcharge levied on long and short term gains arising from transfer of equity and shares, both for Foreign Portfolio Investors and domestic investors. Stock markets could cheer this surcharge withdrawal as this saw some major selling by Foreign Portfolio Investors.

 

2. Tax notices through a central system

Beginning from Oct. 1, 2019 the issue of Income Tax orders, notices, summons, letters etc., shall now go through a centralised computer system. It will contain a computer generated document identification number. If there is no document identification number the notices would not be valid.

 7 Key Announcements Made By FM Nirmala Sitharaman

3. CSR not to be criminal offense

Non compliance of Corporate Social Responsibility will not be a criminal offense and would only be a civil offense.

4. Major relief for the auto sector

BS IV vehicles purchased till March 2020 will remain operational for entire period of registration. "It was a big issue," Sitharaman said. "It's not as if from 2020 they're off the road. They are allowed till their registration is one."

Finance Minister also said that a new scrapage policy would be announced. The government will also lift the ban on purchase of vehicles by government departments.

5. Delayed payments will be expedited

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. All dues under litigation will be cleared.

6. MSME

The government will amend the MSME Act to have a single definition for MSMEs. The changes in the act will be taken up by the Cabinet soon. New definition for MSMEs will not necessarily be on turnover but also on things like plant machinery.

The GST refunds to MSMEs would also happen within 30-days.

7. Banks to pass on interest rate cuts

Banks have agreed that they will pass on any interest rate cuts through the MCLR reduction announced by the monetary policy committee.

GoodReturns.in

Read more about: finance minister tax loans
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more