Highlights: Nirmala Sitharaman announces plans to boost economy

New Delhi | Finance Minister Nirmala Sitharaman has announced several steps to fighting India’s economic slowdown, including the removal of angel tax on startups.

She said that the GST refunds will be rolled out in 60 days by the department, to influx money “where it needs to be”.

She also said the CSR violations wouldn’t be treated as a criminal offence.

Talking about the GDP, she said the current global GDP growth is expected at 3.2% and probably going to be revised downwards, and blamed China and currency devaluation for volatile markets.

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Here are some key points:

• Enhanced surcharge on FPIs stands withdrawn.
• All pending GST refunds till now shall be paid in 30 days.
• Future GST refunds to be paid in 60 days.
• BS-IV vehicles can be used till the registration period. They can also be purchased till March 2020.
• To help the auto sector, government departments will be asked to replace old vehicles with new ones
• Higher depreciation for all vehicle: Depreciation increased to 30 per cent for all vehicle purchased till March 2019.
• Scrappage policy to be announced soon.
• Banks to make home, auto loans cheaper.
• NHB to be given Rs 30,000 crore
• Aadhaar-based KYC for opening Demat accounts and investment in mutual funds
• MSME loans will have one-time settlement policy
• CSR violation would be treated as a civil offence, not a criminal offence
• Govt to release Rs 70,000 crores for recapitalisation of PSBs