Banks' wealth: The government will provide 70,000 crore cash

No capital gains tax levied on stock market, government withdraws surcharge on FPI

Depression around the world due to trade war, Indian economy is better than other countries: Sitharaman

Centralized system for tax notice will be implemented, nobody will be harassed

New delhi date. August 23, 2019, Friday

Union Finance Minister Nirmala Sitharaman held a press conference on the country's economy today. He said that there was a recession in most countries of the world. Compared to other countries in the world, the Indian economy is much better.

The finance minister has said that the global recession needs to be understood. The ongoing trade war between China and the United States is witnessing a recession. He said that reforms are a continuous process and there have been continuous economic reforms in the country.

The economy of the Indian economy is better than that of other countries. The finance minister said the government was constantly working towards economic reforms. Filing an Income Tax Return (ITR) has become easier than ever.

Nirmala Sitharaman said GST will also be facilitated. Compared to many countries, our country has a good growth rate. The government is being accused of harassing people over taxes. We are constantly reforming the tax and labor laws.

The central system for tax notice will be formulated and the notice will be sent through it. Notice of income tax will be sent from the central system from October 1. Thereby controlling the incidence of tax evasion.

The finance minister said the surcharge on capital gain would be withdrawn. No surcharge on capital gains and foreign portfolio investment (FPI) in the stock market.

The government has announced to invest Rs 5,000 crore in government banks. This announcement by the government is being considered as important as the banks and non-banking finance (NBFCs) are currently lacking in confidence.

Banks and NBFCs are facing financial crisis. Due to the capital raised by the government, they will be able to loan more people. Providing more loans will increase market demand and benefit the home and auto sectors.

While the auto sector is going through a recession, the government has made an important announcement that BS-Four vehicles in the market before March 3, 2009 will be considered valid.

There is likely to be a major announcement for the real estate sector in the coming weeks. With the stock market going through a recession, the government has announced the key to removing surcharges on capital gains and FPIs to attract investors from home and abroad.

One more relief to entrepreneurs is CSR breach not criminal offense

In view of the concerns of the businessmen, Finance Minister Nirmala Sitharaman has said that breach of the CSR (Corporate Social Responsibility) rules would not be considered a criminal offense as per company law.

CSR rules will only be considered civil liability. Businessmen expressed concern over the penal provisions for complying with Corporate Social Responsibility (CSR) rules in the Revised Companies Act, II.

Announcing various steps to boost the economy, Union Finance Minister Nirmala Sitharaman said that the government respects those who create wealth. Nirmala Sitar, who is also responsible for the Ministry of Corporate Affairs in addition to the Finance Ministry, said that breach of CSR rules would not be considered a criminal offense and would only be considered a liability as a citizen.

It is pertinent to mention that under the Companies Act, for-profit companies have to spend two percent of their last three years' annual average net profit as a Corporate Social Responsibility.

Now banks must leverage the reduced repo rate to consumers

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Union Finance Minister Nirmala Sitharaman today announced that banks will have to reduce loan interest rates as soon as RBI reduces repo rate. Until now, it used to be that the RBI was reducing the repo rate but the banks were not benefiting the customers. The rate at which RBI lends to banks will be called repo rate.

The main objective of reducing the repo rate by the RBI is to reduce the interest rate of the borrowers from the banks, but the banks do not provide any benefit to the borrowing customers even after the RBI has reduced the repo rate. As per the government announcement, banks can no longer speculate on loan interest rates.

The government adviser admits that there is an economic crisis in the country: Rahul

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There has been a lot of controversy following the statement of the VC of the policy commission. He said that only government officials are now accepting that the country's economy is in crisis. The Congress has been paying attention to the country's economy for a long time, but by taking steps like the notary and GST, the Modi government has also turned water on what the Congress has done and there is an economic crisis that has never been seen in the country in three years. The time is right now that the Modi government will not take proper steps to bring the country out of the economic crisis, the situation may worsen in the coming days.

Nobody should face tax terrorism: Nirmala

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Finance Minister Nirmala Sitharaman today announced a new system of faceless tax scrutiny following allegations of harassment by tax officials and authorities by businessmen. The taxpayers will be given notice as per this new system from next Dashera day.

He said that notices and summons other than computer generated unique ID number will not be considered valid from next Dussehra. The government's decision could curb illegal tax summonses. Nirmala Sitharaman said the government was being accused of harassing people over taxation. We are constantly reforming the tax and labor laws.

The central system for tax notice will be formulated and the notice will be sent through it. Notice of income tax will be sent from the central system from October 1. Thereby controlling the incidence of tax evasion

An additional 15 percent depreciation on vehicles is also allowed

Auto Sector Relief: BS-4 vehicles valid till March, 2020

The ban on the purchase of new vehicles was removed from the government departments

New delhi date. ૨૩

Three important advertisements have been made by Finance Minister Nirmala Sitharaman to overcome the ongoing slowdown in the auto sector. Announcing the most important announcement, Nirmala Sitharaman has said that the ban on the purchase of new vehicles has been removed from the government departments. That is, government departments and companies will be able to buy new vehicles. As a result, auto sector sales will see a surge.

Announcing another important announcement, Nirmala Sitharaman said that till March 1, an additional 5 percent depreciation on vehicles purchased was allowed. According to the third important announcement, the BS-3 vehicles purchased by March 5, will be considered valid. Vehicle sales have been declining in the last one year. Some automobile companies have reduced the production of vehicles while some have announced to reduce the number of employees. In addition, the automobile industry wants to reduce the GST on automobiles from 5% to 5%. It is estimated that in the automobile sector, in the last three to four months, 4,5 people have lost their jobs.

20 Star Ads for Boosting the Economy

* The surcharge on capital gains in the stock market will be eliminated.

* Separate cell will be set up to eliminate start-up tax.

* Loan application will be reviewed online

Banks will have to provide security related document within 7 days after the loan is completed.

* The interest rate of banks will fall as the repo rate declines.

* Banks have to give people the benefit of reducing interest rates.

* Thousands of crores of rupees will be issued for banks.

* The government is focusing on the Is of Doing Business and Is of Living.

* More credit support will be provided to buy a home and vehicle.

* Banks should avoid repeated procedures to justify support for KYC.

* All MSME pending GST refunds will be refunded within 7 days.

* In the future GST Refund Matter will have to be resolved within 3 days of its occurrence.

* MSME will have only one definition. Through it, the company will be able to perform its tasks easily. The act will soon be sent for cabinet approval.

* Aadhaar-based KYC will be allowed to invest in demat and mutual funds.

* Increasing job opportunities is also a priority of the government. The government is working on several schemes for this.

* By March 1, BS-4 vehicles purchased will be valid

From 7th, the government has launched economic reforms and in the future, reforms will continue.

* India's GDP is higher than other countries.

* Depression is not only occurring in developing countries but also in developed countries.

* The CUSR breach will not be considered a criminal offense.