Added on : 2019-09-14 16:10:50
Addressing a press conference on Saturday, 14 September, amid concerns of an economic slowdown, Finance Minister Nirmala Sitharaman said, “Inflation is under control and there is a clear sign of revival of industrial production.” She said that a series of measures have been taken to provide relief to the economy. The FM said that inflation has been consistently held below 4%, which shows the health of the economy.
She added, ''the scheme of Remission of Duties or Taxes on Export Products (RoDTEP) is a new scheme, it shall completely replace all Merchandise Exports from India Scheme (MEIS) from January 1, 2020.''
FM Sitharaman said that on September 19, she will meet chiefs of public sector banks to address the concerns of the banking sector.
''NBFCs are receiving benefits of the partial credit guarantee scheme announced earlier,'' Sitharaman said.
Partial credit guarantee scheme has already been implemented, she added.
The measures being announced today are expected to provide a boost to the real estate and automobile sectors, aside from generating more liquidity and demand in the economy, the FM said.
In a big relief to the small taxpayers, she said small offences do not need to go through the prosecution rank. ''Whether or not an income tax error has to be prosecuted will be decided on the basis of the quantum and severity of the offence. Minor errors will be exempt from prosecution,'' the FM said.
Among other measures, the FM said that ECGC will expand scope of ECIS and will offer higher insurance cover. The move will cost Rs 1700 crores per annum to the government, she said.
The FM informed that a fully automated GST input tax credit refund system will be ready by the end of this month. Small and medium exporters will get their input tax credit refunds quick, and will not have their working capital stuck in pending dues.
Announcement made in Union Budget 2019 – Had announced additional deduction of up to 1.5 lakh on interest paid on loan borrowed for the purchase of house valued up to Rs 45 lakh.
FM Nirmala Sitharaman on non-NPA and non-NCLT projects will benefit from 10,000 crore fund: About 3 lakh to 3.5 lakh projects all over the country will benefit from this fund.