Status Report on implementation of measures announced by FM to boost Economy

Speed Post News Network

New Delhi : Union Finance Minister (FM) Nirmala Sitharaman had announced several short and long-term measures to boost economy on August 23, 2019, August 30, 2019, and September 14, 2019.

Out of these, thirty-two measures were announced on August 23 to boost the economy.  Out of these, thirteen announcements have been fulfilled. In respect of twelve measures announced on September  14 to boost exports, three announcements have been fulfilled. The rest of the announcements are under active consideration by relevant Ministries. Further, action on one out of three announcements made for the housing has been completed and action on the other two is also being taken, according to a PIB release.

The announcements implemented include 1. CSR violations not to be treated as criminal offence: It has been decided that sub-section related to treating CSR violations as criminal offences will not be notified. Hence CSR violations will not be treated as criminal offences 2. Issue of IT orders, notices, summons, letters etc through a centralised system: Circulars for e-assessment scheme, Document identification number, compounding of past offences, prosecution easing matters have been issued by Department of Revenue. It is expected that implementation of these instructions will lead to significant improvement in ease of doing business 3. Relief from enhanced surcharge on Long-term/Short-term Capital Gains: An Ordinance  has been issued on 20.9.2019 amending the Income Tax Act  4.Withdrawal of Angel Tax provisions for Startups and their investors: CBDT has issued a consolidated circular for assessment of start-ups (available at CBDT website) and a Start-up Cell under Member (IT&C) has been constituted 5.Revision of one-time registration fees : M/o RT&H has deferred the increase of one-time registration fees 6. Higher depreciation for all vehicles: Notification vide Income-tax (9th Amendment) Rules, 2019, providing for higher depreciation for all vehicles was issued on September 20, 2019, by CBDT.