New Delhi, Aug 23: Amidst concerns of rising harassment of corporates by tax officials and authorities, Finance Minister on Friday said that the government would take measures to curb such instances, including the introduction of "faceless" tax scrutiny from the upcoming "Vijaya Dashami".
She also said that tax notices and summons without a computer generated unique ID number would not be valid. This measure would help in curbing the unauthorised tax summons.
On violation of corporate social responsibility norms, the Minister said that such violations would not be treated as criminal offences. Persecution will be replaced with a more humane approach. Wealth creators will be honoured and respected.
Live updates here:
-We will come up with another set of announcements next week: Nirmala Sitharaman
-BS-4 vehicles purchased upto 31 March 2020 will remain operational for the entire duration of registration: Nirmala Sitharaman
-Within 15 days of closure of the loan amount, all papers to be given back to the customers. Banks to improve OTS settlement (One-time loan settlement), which will help MSME, by adopting check-box system: Nirmala Sitharaman
-In future, the GST refunds to MSMEs will be paid within 60 days: Nirmala Sitharaman
-All pending GST refunds due to MSMEs till now shall be paid within 30 days from today: Nirmala Sitharaman
-CSR violations will not be treated as a criminal offence and instead be as civil liabilities. On or after 1st October 2019 all the Income-tax orders, notices, summons, letters, etc shall be issued through a centralised computer system: Nirmala Sitharaman
-Banks have now decided to pass on any rate cut through MCLR reduction to benefit all borrowers. This will result in reduced EMIs for housing loans, vehicles & other retail loans, by directly linking repo rates to the interest rates: Nirmala Sitharaman
(MCLR is Marginal Cost of Funds based Lending Rate (MCLR)- the minimum interest rate, below which a bank is not permitted to lend )
-In order to encourage capital market, the surcharge on long and short term capital gains are removed: FM: Finance Minister Nirmala Sitharaman
-The government ends angel tax on start-ups: Finance Minister Nirmala Sitharaman
-GST will soon come up with fewer numbers of forms. I am ensuring the free flow of refund, so it does not affect people, says the finance minister: Finance Minister Nirmala Sitharaman
-In order to encourage investment in capital market, it is decided to withdraw enhance surcharge levied by the Finance No. 2 Act 2019. In simple words, the enhance surcharge on FPI goes, surcharge on domestic investors in equity goes. Pre-budget position is restored: Finance Minister Nirmala Sitharaman
-We have decide to withdraw enhanced surcharge on capital gains: Finance Minister Nirmala Sitharaman
-This govt has kept reforms its top agenda since 2014, "We have not forgotten reforms," says Finance Minister Nirmala Sitharaman
-India's growth rate higher than global trend: Finance Minister Nirmala Sitharaman
(With inputs from agencies)