Nirmala Sitharaman announces slew of measures to revive Indian economy

New Delhi: Union Finance Minister Nirmala Sitharaman on Friday announced a series of measures to revive the economic growth of the country in the backdrop of global economic slowdown.

Briefing the press here, Sitharaman said, the Union government has decided to withdraw the enhanced surcharge on foreign portfolio investors levied in the Budget this year.

Among other measures, Corporate Social Responsibility violations will now be treated as civil matters and not as a criminal one. All tax notices and orders will be issued through a centralized and computerized system to end harassment of taxpayers.

The government has also decided to withdraw angel tax provisions for startups and their investors. There will be a dedicate cell under a member of CBDT for addressing the problems of start-ups.

The government also lifted the ban on purchase of vehicles by government departments, and allowing additional 15 per cent depreciation, taking it to 30 per cent, on vehicles acquired from now till March 2020.

Besides, both electric vehicles (EVs) and Internal Combustion Vehicles (ICV) will continue to be registered.

The banks have been asked to transfer the benefits of repo rate cuts by the RBI to the borrowers, the Finance Minister said.

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