Union Finance Minister Nirmala Sitharaman on Friday dismissedall talks about economic slowdown saying that India's economy is growing at afaster rate than any other major world economy.
Addressing a press conference, Sitharaman said thatthe banks have been asked to transfer the benefits of repo rate cuts by the RBIto the borrowers saying that the move will bring the home and auto loan ratesdown.
Sitharaman said that the labour law has been enforced,web-based jurisdiction, scrutiny, compounding of offences, self-certificationare in place. She said that faster and quicker approval has been given foracquisitions and mergers and that they are moving with a more human approachthan the penalty.
Sitharaman further stated that GST will soon come upwith fewer number of forms and ensures the free flow of refund so that it donot affect the people. She said that all pending GST refund due to micro, smalland medium enterprises will be paid within 30 days.
She said that the budget announcement of the surchargehad pushed the effective income tax rate for individuals with taxable income ofRs. 2-5 crore up to 39 percent from 35.88 percent and for those above Rs.5crore to 42.7 percent. She said that the Pre-Budget position is restored.
The finance minister said that to address theliquidity crunch, the government will infuse upfront Rs. 70,000 crore intopublic sector banks adding that the move will enable release of Rs. 5lakh crorein the market.
She also reiterated that all tax notices to be issuedfrom centralized system to end harassment of taxpayers. All old tax noticeswill be decided by October 1 or will be uploaded again through the centralized system.
The finance minister also announced revoking ban onthe purchase of vehicles by government departments which will now replace theirold vehicles with new ones. She said that the auto sector is facing its worstcrisis in almost 20 years and that sale of cars, tractors and other vehicleshave been declining for months.
Another announcement made by Sitharaman regardingnon-compliance of corporate social responsibility said that violations of CSRnorms under the companies law will not be a criminal offence and will betreated as a civil liability.
