{"id":23473,"date":"2019-08-26T12:26:30","date_gmt":"2019-08-26T06:56:30","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=23473"},"modified":"2019-08-26T13:44:42","modified_gmt":"2019-08-26T08:14:42","slug":"important-policy-updates-from-finance-minister","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/important-policy-updates-from-finance-minister\/","title":{"rendered":"Important Policy Updates from Finance Minister"},"content":{"rendered":"<p class=\"has-drop-cap\">The Finance Minister notified critical policy updates of India in a recently held press conference. The press conference held as on Friday, August 23, 2019, announced some <strong>Important Policy Updates<\/strong> to boost the economy.<\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube aligncenter wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/Dq72jmE4y9M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>The key highlights of the press conference are as follows;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1) Withdraw of Capital Gains Surcharge on FPI<\/h3>\n\n\n\n<p>The finance minister announced the withdrawal of\nsurcharge levied on tax paid by foreign portfolio investors and domestic\ninvestors on capital gains. The surcharge was levied on short term and long\nterm capital gains from the sale of equity shares, equity-based funds, and\nbusiness trust. The notification will come into effect from the current\nfinancial year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2) Abolition of Angel Tax on Recognized Startup<\/h3>\n\n\n\n<p>The main highlight of the speech for the startup community was the exemptions of Angel Tax for the startup, which are recognized by the <strong>Department of Industrial Policy and Promotion (DPIIT)<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Department_of_Industrial_Policy_and_Promotion\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">[1]<\/a><\/sup>. The issue came in a situation where startups were continuously demanding exemption from angel tax. However, it is not clear that the effect of this announcement will apply to pending proceedings against startups or not.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3) Separate Unit to Address Startup Problems<\/h3>\n\n\n\n<p>A new department to address the issues of startups will\nbe constituted by the government under CBDT. Startups having income tax-related\nissues will be offered quick resolution from this cell.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4) Timely Disposal of Notices<\/h3>\n\n\n\n<p>Another important announcement for taxpayers came as a\nchange in the disposal time of notices. From October 1, 2019, all the income\ntax notices will be disposed within three months from the date of reply by the\nconcerned taxpayer. Additionally, all the old tax notices should be settled by\nthe given period.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5) Additional Depreciation on Vehicles Purchased till March 2020.<\/h3>\n\n\n\n<p>Additional depreciation of 15% has been proposed to be charged on all vehicles purchased till March 31, 2020. The total depreciation to be charged on the same now stands at 30%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6) GST Refunds Shall be Processed within 60 Days<\/h3>\n\n\n\n<p>In a beneficial move for the <strong><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/enterslice.com\/msme-registration\" target=\"_blank\">MSME<\/a><\/strong>, the deadline for <strong><a href=\"https:\/\/enterslice.com\/gst-return-filing\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">GST returns<\/a><\/strong> has been established at 60 days. The GST refunds that are due to be paid till date to MSME must be refunded within 30 days. All the refunds of GST for the MSME units will be refunded within 60 days of intimation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7) FM Assures to Remove the GST Compliance Difficulties<\/h3>\n\n\n\n<p>The Finance Minister mentioned taking strong\ninitiatives to make GST more taxpayer-friendly. The minster instated on\neliminating the complications associated with GST payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">8) Aadhaar Based KYC for Banks<\/h3>\n\n\n\n<p>The Minister announced that the use of Aadhar base KYC could be used for NBFCs, commercial banks, and Demat accounts. The use of KYC will be executed with the consent of the KYC holder by way of OTP verification. This <strong><a href=\"https:\/\/enterslice.com\/learning\/web-based-kyc-verification-service-for-directors-by-mca\/\">KYC based verification<\/a><\/strong> will help commercial banks in speedy bank account openings, NBFCs for verification and in the opening of Demat accounts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">9) CSR Violations now counts as Civil Wrong<\/h3>\n\n\n\n<p>The much-debated CSR violations norms were also addressed in the press meet. The Violations of <strong><a href=\"https:\/\/enterslice.com\/learning\/updates-on-csr-rules\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">CSR norms<\/a><\/strong> will now be treated as a civil wrong. This prevents the concerned business from being prosecuted under criminal proceedings.<\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/enterslice.com\/learning\/budget-2019-key-highlights\/\">Budget 2019: Key Highlights of Interim Budget at a Glance<\/a><\/mark>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Minister notified critical policy updates of India in a recently held press conference. The press conference held as on Friday, August 23, 2019, announced some Important Policy Updates to boost the economy. The key highlights of the press conference are as follows; 1) Withdraw of Capital Gains Surcharge on FPI The finance minister [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":23475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1473,5],"tags":[2678,2679],"acf":{"service_id":"50"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Important Policy Updates from Finance Minister - Enterslice<\/title>\n<meta name=\"description\" content=\"Important Policy Updates announced by the Finance Minister in Press Conference. Angel Tax, CSR violations, GST, ITR, Startups, FPI surcharge addressed.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/important-policy-updates-from-finance-minister\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Important Policy Updates from Finance Minister - Enterslice\" \/>\n<meta property=\"og:description\" content=\"Important Policy Updates announced by the Finance Minister in Press Conference. Angel Tax, CSR violations, GST, ITR, Startups, FPI surcharge addressed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/important-policy-updates-from-finance-minister\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-26T06:56:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-26T08:14:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/08\/imgpsh_fullsize_anim-4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Akash Dubey","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/DSC_04891.jpg","authorDescription":"Akash Dubey is a Law Graduate and works as an\r\nAdvisor at Enterslice. He is proficient in Legal\r\nand Financial Advisory. His expertise in the\r\nskills of Legal and Financial Research is an aid\r\nto his strengths as an Advisor.","postViews":427,"readingTime":2,"nextPost":{"id":23485,"slug":"stand-up-india-an-ultimate-funding-scheme-for-entrepreneurs-in-india"},"prevPost":{"id":23424,"slug":"labour-cost-management-a-brief-analysis"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/08\/imgpsh_fullsize_anim-4.jpg","postTerms":"Income Tax","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/23473"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=23473"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/23473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/23475"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=23473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=23473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=23473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}