Finance Minister Nirmala Sitharaman has made several announcements to strengthen the economy, ease business and give relief to the industry. Many reliefs have been given to the industry, ranging from removal of surcharge from capital gate tax, reduction in EMI, GST refund in 30 days. The financial system will have a cash flow of Rs 5 lakh crore from the package of Rs 70,000 crore provided by the government. Finance Minister Nirmala Sitharaman has announced the withdrawal of tax surcharge on long-term and short-term capital gains to increase investment. Additional surcharge will also be withdrawn on foreign institutional investors i.e. FPIs.
The relief was given to taxpayers:-
To protect the taxpayers from the problems, the Finance Minister said that now all tax notices will be issued through the centralized system. ITR investigations have been made easier. From Dussehra, ITR will be ITR faceless investigation. From the day of Vijayadashami, the investigation of income tax returns will be faceless i.e. the ITR of a person from Delhi can be examined in another state.
Finance Minister Nirmala Sitharaman will amend the MSME Act and announced a definition for it. This will have to be resolved within 60 days after the GST Refund Matter comes out for the future.
Stuck GST refund will be available in 30 days
At the same time, he said that all the old pending GST refunds of all SSME will be given in 30 days. This will bring great relief to SSME as many small industry GST refunds have been hanging for a year. For the future, it will have to be resolved within 60 days after the GST refund case comes to the fore.
Easy to do business
After the loan is closed, the security-related document will have to be given to the banks within 15 days. BS-4 vehicle is a big problem. BS-4 vehicles purchased till 31-03-20 will remain till their registration period. One Time Registration Fee has been extended until June 2020.
Relief package to industry
Nice thinking
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