New Initiative - Finance Minister 23082019


25 Aug

Here are some key announcements: 23 AUGUST 2019

Investors:


1. Enhanced surcharge on FPIs stands withdrawn. Surcharge on domestic investors in equity markets also withdrawn

2. Aadhaar-based KYC for opening demat accounts and investment in mutual funds.

3.  Govt. working to bring offshore rupee market to domestic market.

Industry: 

CSR violation would be treated as a civil offence, not a criminal offence.

* All pending GST refundstill now shall be paid in 30 daysFuture GST refundsto be paid in 60 days.

* FM vows to simplify the GST system further.

Income Tax:

 


* FM vows steps to end tax harassmentOld tax notice to be decided by October 1. 

* From October 1, 
all Income Tax noticesmust be disposed off within 3 months. 

Auto sector: 


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.

Scrap page policy to be announced.

 

Home, auto loans:



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.

 

For NBFCs: 

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

* Govt to release Rs 70,000 crore upfront for PSBs recapitalization

 

MSMEs: 

* Govt withdraws ANGLE tax provision for startups and their investors.


* One-time settlement policy for MSME loans. Policy to be based on check box approach.


* Laws to be amended to ensure one MSME definition.


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