Finance Minister Nirmala Sitharaman on Friday announced the roll back of the controversial tax surcharge on the Foreign Portfolio Investment (FPIs) announced in the Budget last month. "The enhanced surcharge levied by Finance Act, 2019 on long and short term capital gains tax is being withdrawn," Sitharaman said in a special media briefing.
ALSO READ: Enhanced surcharge on FPIs removed, 'pre-Budget position' restored: FM
Here are the key announcements:
Surcharge on gains of FPIs and domestic investors withdrawn
Withdraw the enhanced surcharge levied on LTCG & STCG
CSR will only be treated as civil liability, not criminal matter
Govt to infuse upfront Rs 70,000 crore into public sector banks to enable release of Rs 5 trillion liquidity in the market
All tax notices to be issued from centralised system
Banks will have to pass on repo rate reduction to consumers
Aadhar-based KYC to be permitted for opening of demat accounts and investing in mutual funds
NBFCs to be permitted to use the Aadhaar authenticated bank KYC to avoid repeated processes
Pending GST refunds to be paid to small businesses in 30 days
No angel tax for startups
Both EVs and liquid fuel driven vehicles will continue to be registered
Govt will come out with a scrappage policy for old vehicles
Ban on govt departments lifted for purchase of vehicles to replace old ones
Govt allows additional 15% depreciation on vehicles acquired from now till March 2020: FM on measures to ease building auto inventories
BS-IV vehicles purchased up to Mar 2020 will remain operational for entire period of registration: FM on continuation of old vehicles
ALSO READ: Enhanced surcharge on FPIs removed, 'pre-Budget position' restored: FM
Here are the key announcements:
Surcharge on gains of FPIs and domestic investors withdrawn
Withdraw the enhanced surcharge levied on LTCG & STCG
CSR will only be treated as civil liability, not criminal matter
Govt to infuse upfront Rs 70,000 crore into public sector banks to enable release of Rs 5 trillion liquidity in the market
All tax notices to be issued from centralised system
Banks will have to pass on repo rate reduction to consumers
Aadhar-based KYC to be permitted for opening of demat accounts and investing in mutual funds
NBFCs to be permitted to use the Aadhaar authenticated bank KYC to avoid repeated processes
Pending GST refunds to be paid to small businesses in 30 days
No angel tax for startups
Both EVs and liquid fuel driven vehicles will continue to be registered
Govt will come out with a scrappage policy for old vehicles
Ban on govt departments lifted for purchase of vehicles to replace old ones
Govt allows additional 15% depreciation on vehicles acquired from now till March 2020: FM on measures to ease building auto inventories
BS-IV vehicles purchased up to Mar 2020 will remain operational for entire period of registration: FM on continuation of old vehicles
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