FM Sitharaman Announces booster measures for economy

Gujarat Global News Network, Delhi

Finance Minister Nirmala Sitharaman on Friday announced number of  measures from ease of doing business to faceless scrutiny of tax returns for startups at a press conference on Friday .Referring to PM’s Independence Day speech talking of respect for wealth creators, she said this was the spirit of her budget.

She reiterated that reform was on top of the government’s agenda and that the reform process will continue. Seeking to dispel doubts over the economy and government’s growth agenda, Sitharaman said India’s GDP continues to grow at a faster pace than the global economy and any other major economy.

Sitharaman said, there will be relief from enhanced surcharge from long and short term capital gains arising from transfer of equity, shares/units referred in section 111A and 112A respectively.

“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,” FM said.

The FM announced that surcharge on domestic investors in equity markets will also be withdrawn. Investors have been spooked by the sustained sell-off by FPIs. The Budget had proposed levy of an additional surcharge on individuals and trusts earning more than Rs 2 crore and Rs 5 crore, respectively.  FPIs had pulled out Rs 16,000 crore from the market in July.

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