Finance Minister’s Efforts to Boost Economic Growth of India

The E-assessment Scheme under section 143(3A) of the IT Act notified on 12.09.2019 to remove existing human interface in the assessment procedure;
Compounding applications can be filed up-to 31.12.2019 which were not filed within prescribed time schedule earlier;
Extension of scheme of Reimbursement of Taxes & Duties for Export promotion;
Fully automated electronic refund route for Input Tax Credits (ITC) in GST will be implemented by end of September 2019;
Expanding scope of Export Credit Insurance Scheme (ECIS) by ECGC. Important features are:
Higher insurance cover to banks’ lending working capital for exports;
Reduction in overall cost of export credit including interest;
Release of additional export credit (Rs. 36,000 crs. to Rs. 68,000 crores) under priority sector under Revised Priority Sector Lending (PSL) norms for Export Credit;
Effective monitoring of Export Financing by Department of Commerce;
Leverage technology to reduce “Time to Export or Turn-around time”;
Special FTA Utilisation Mission, headed by a Senior officer in Department of Commerce, will be set-up;
Online “Origin Management System” for exporters to enable them to obtain Certificates of Origin will be launched;
Time bound adoption of mandatory Technical Standards;
Affordable testing and certification infrastructure to enable exporters to get all internationally accepted tests and certification done within India;
Enable handicrafts industry to effectively harness e-commerce for exports.

Source: Press Release | Ministry of Finance | 14.09.2019

Articles