New Delhi: Finance Minister Nirmala Sitharaman addressed a press conference on the state of the Indian economy amid a slowdown. Job losses have been reported in various sectors following a slowdown. The worst-hit is the auto sector, where thousands of job losses have been reported after months of dismal sales. "I want to give you a picture of what is happening globally. Global growth is 3.2 percent, likely to be revised downwards. Many organizations say the global demand is very weak," she said in her opening remark.
Here are the key highlights she announced
Additional 15% (Total 30%) depreciation on all vehicles till 31.03.20
BS-IV vehicles purchased till 31.3.20 to remain operational till the period of registration
Delayed payments to infrastructure companies to be reviewed
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An organization to be set up to provide credit enhancement for infrastructure and housing
All pending GST refunds due to MSMEs will be paid in 30 days from today. In the future, every refund will be paid 60 days
Online tracking of loan applications by customers
Centre releasing Rs. 70,000 crores as additional lending and liquidity
Set up of a cell, led by a member of CBDT, for addressing problems of startups
Banks have decided to launch repo-rate linked interest rates - means reduced EMI housing loans, working capital to be cheaper
To reduce harassment and bring in efficiency, loan documents have to be returned in 15 days of loan closure
All old I-T notices issued till now will have to be cleared in 1.5 months
The Income Tax summons will now go through a centralized system
Corporate Social Responsibility (CSR) violations will not be treated as a criminal offense
Tax scrutiny will be randomized from Vijay Dashami day, one odd over-enthusiastic officer won't be able to harass anybody