Taxation

  • Personal Tax: no changes in the tax slabs  
  • Income tax will not be applicable for persons having an income of less than Rs.5 lakhs per annum. 
  • Corporate tax rate of 25% will be now be applicable for companies with a turnover of upto INR 400 crores. 
  • 2% TDS will be levied if Rs 1 Crore is withdrawn in cash from a single bank account in a year. 
  • Income tax assessment will be done in a completely electronic mode with no face-to-face interaction. 
  • Income tax deduction for person purchasing electric Vehicles.
  • No charges or MDR will be applicable on digital modes of payment.
  • Special Excise duty and Road and Infrastructure Cess increases on petrol and diesel by Rs1 per litre each
  • Increase in surcharges by 3% for those earning between Rs. 2 crore and Rs. 5 crore, and 7% for those earning above Rs. 5 crore, annually.
  • Any person having Aadhar can file income tax return without having to obtain PAN. 

 

Goods and Services Tax

  • Taxpayers with an annual turnover of less than INR 5 Crores can now file quarterly GST returns.
  • A completely automated GST refund module will be implemented.
  • An electronic invoice system to be introduced 


MSME/ Startups

  • Rs 350 Crores has been allocated for 2% interest subvention to all GST registered MSMEs on all fresh and incremental loans. 
  • A Payment platform will be created for MSMEs for easy payment of bills.
  • Pension for shopkeepers and retailers with an annual turnover of less than INR 1.5 Crore will be launched under the Pradhan Mantri Karma Yogi Maan Dhan Scheme.
  • Pension benefits will be extended to over 3 Crores of retailers, traders and shopkeepers under the Pradhan Mantri Karam Yogi Maan Dhan Scheme.
  • To improve the technology of MSME and similar industries, Technology Business Incubators and Livelihood Business Incubators will be set up under the ASPIRE Scheme. The target is to develop and train 75,000 skilled entrepreneurs in the Agro-rural Sector.
  • Social stock exchange for the listing of social enterprises and voluntary organisations.
  • Integrate traditional artisans and creative persons with the global market
  • 10,000 new farmer producer organisations (FPOs) for ensuring market reach for farmers.
  • The period of exemption from capital gains from sale of startups is extended
  • Now Startups are not required to justify fair market value of shares issued to investors in Category-II Alternative Investments Funds
  • Launch of an exclusive TV channel for startups to provide a platform for startups to disseminate information
  • Expansion of self-help groups to all districts. Loan of upto Rs. 1 lakh to be provided to one woman in every self-help group under Mudra Yojana.
  • Large businesses will be mandatorily required to provide digital payment options. 


Investment

  • Liberalize FDI in aviation, media animation and insurance intermediaries
  • Hike statutory limits for foreign investments in certain companies
  • Creation of social stock exchange under SEBI to help organisations raise capital through equity, debt or a unit of mutual fund
  • Centre proposes tax benefits to incentivize investments in GIFT City


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