Key Announcements By FM Nirmala Sitharaman on the Economy

In her address in the Press Conference at National MediaCentre in New Delhi, the Finance Minister, Nirmala Sitharaman on Friday, 23-Aug, announced following key measures for Micro, Small& Medium Enterprises (MSME):

Roll back of Surcharge on capital gains tax: The govt announced a reversal on surcharge levied on long term and short term gains arising from transfer of equity and shares, for FPIs and Indian market investors.

Recapitalization of state-run banks: The govt would recapitalize state-run banks soon with an infusion of Rs70,000-Cr.

Tax notices through a central system: Starting from October first this year, the issue of IT (Income Tax) orders, notices etc shall go through a centralized computer system.

CSR away from criminal offense: Non compliance of Corporate Social Responsibility (CSR) would not be a criminal offense, it will only be a civil offense.

Auto Sector boost: BS-IV (Bharat Stage-4) vehicles purchased until March 2020 will remain operational for complete period of registration.

MSME Amendment: The govt will amend the MSME Act. The GST refunds to MSMEs would take place within one month.

Delayed payments will be accelerated: Delayed payments from the Govt & Govt institutions will be expedited and controlled by the Deptt of Expenditure and its performance will be watched by the Cabinet Secretariat.

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