GST refund in 30 days: FM press release
- CSR violations to be treated the civil matter in place of criminal matter
- Issue of IT orders, the summons shall be issued by a central computerised system on or after October. There will be no anomaly on paper and actual as assessee will be able to see it online.
- Unless the notice has a DIN it is not to be taken seriously. All old notices will be cleared upto October 2019. Only the uploaded document will be a notice. No officer will directly issue a notice after October. All notices shall be cleared within three months.
- Relief from an enhanced surcharge on long or short term capital gains arising on transfer of equity & securities. Pre budget.
- Angel tax: to mitigate the difficulty of start-up and investors section 56(2)(b) shall not be applicable to registered (with DPIIT) startups.
- A dedicated cell under a member of CBDT for addressing the problems of start-up.
- Bank, NBFC’s and MSME’s: 70,000 Crores and additional lending liquidity for PSP’s.
- Banks to pass on every MCLR rate cut to the borrowers instantly.
- Banks to launch REPO rate linked debt products.
- Working capital loans to become cheaper.
- Online tracking of loan application for all sectors.
- Credit support for the purchase of houses and vehicles.
- AADHAR based KYC by the bank and no more documentation by NBFC’s
- GST refunds to be time-bound. All pending GST refunds shall be paid within 30 days.
- For the future refunds of GST, will be sorted out within 60 days or arising out.
- Bill can be discounted from the bank where GST is paid.
- MSME to have uniform definition across all Acts.
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