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Govt of India withdraws enhanced tax surcharge on gains from equities

Finance Minister Nirmala Sitharaman and top ministry officials are addressing the media. Govt will withdraw enhanced surcharge on long-term/short-term capital gains arising from transfer of equity shares/units, the finance minister said. She also said that GST regime will be simplified further and the government will release70,000 crore capital upfront to public sector banks to boost credit to different sectors of the economy.

Here are the key highlights of what the finance minister said:

Govt withdraws enhanced surcharge on long-term/short-term capital gains arising from transfer of equity shares/units

Govt withdraws enhanced tax surcharge on FPIs

Withdrawal of angel tax provisions for start-ups and their investors

Public sector banks to get 70,000 crore recapitalisation immediately. Additional lending and liquidity to the tune of 5 lakh crores can be made available by providing this capital for the PSBs

In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharged levied by Finance (No. 2) Act, 2019 on long/short term capital gains arising from transfer of equity shares/units referred in section 111A and 112A respectively.

To mitigate genuine difficulties of startups and their investors, it has been decided that Section 56(2) (viib) of the Income-Tax Act shall not be applicable to a startup registered with DPIIT.

It has also been decided to set up a dedicated cell under Member of CBDT for addressing the problems of startups. A startup having any income-tax issue can approach the cell for quick resolution of the same.

Banks to make home, auto loans cheaper

Reform is a continuous process for the govt

Income tax scrutiny will be faceless and randomised across the country from Vijayadashami

We are responsive, momentum of reforms to continue

Reform is a continuous process and we’re treating it as a continuing endeavour

MCA to review Sections in Companies Act for CSR violations

GST regime to be simplified further

To meet GSTN officials soon to further simplify the GST regime

Global GDP projected at 3.2% and it could be revised lower

The US and Germany have seen inversion of yield curve

As a result of US-China trade war and currency devaluation, very volatile situation has developed in global trade

India is well placed as compared to its peers

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