Finance Minister Nirmala Sitharaman, while addressing the media on the state of the economy said that slowdown is not specific to India and it is a global issue.
The FM compared India's economy to the rest of the emerging economies and said that India was well placed compared to its peers. She elaborated that global situation looked bleak and that the global projected GDP growth was 3.2 percent and could be revised downwards.
Here are the key highlights of FM Nirmala Sitharaman's speech
Corporate Social Responsibility (CSR):CSR violation would be treated as a civil offence, not a criminal offence.
Long-term, short-term capital gains: Enhanced surcharge on FPIs and domestic investors was withdrawn, restoring pre-Budget position.
Startups: Government withdraws angel tax provisions for startups.
Income Tax: All Income Tax notices must be disposed off within 3 months. Issue of IT notices, letters, orders, etc shall go through centralized system.
GST refunds:All pending GST refunds till now shall be paid in 30 days. Future GST refunds to be paid in 60 days.
Auto sector: Scrappage policy to be announced soon. In order to boost demand, govt shall lift ban on purchase of new vehicles to replace old vehicles in govt departments.
Follow our complete coverage of measures announced by finance minister Nirmala Sitharaman here.
First Published: Aug 23, 2019 6:18 PM IST
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