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Govt announces steps to boost Housing; no prosecution for minor Tax offences

TNI Bureau: Finance Minister Nirmala Sitharaman on Saturday addressed a press conference in New Delhi to elaborate on the Ministry’s efforts to boost the economy and growth in the real estate sector.

The Finance Minister summaries the steps taken by the Ministry in the last 100 days in the field of affordable housing, additional tax benefits, repo rate-linked loans, more support to NBFCs, PM Awas Yojana and many more.

The Ministry of Finance announced a new scheme — Remission of Duties or Taxes on Export Product to incentivise exporters at an estimated cost of Rs 50,000 crore to the exchequer.

Key Highlights

• Small tax-payers with minor defaults will not be prosecuted
• Rs 50,000 Crore for Export Incentive Scheme
• Govt employees to get house-building advance at lower interest rates
• Special window for affordable and middle income housing
• Centre will contribute Rs 10,000 crore to complete construction of unfinished projects in affordable and middle income category housing
• External Commercial Borrowing guidelines will be relaxed to facilitate financing home buyers who are eligible under the PMAY (Pradhan Mantri Awas Yojana)
• Mega shopping festival will be held across the country in four destinations, by March 2020.
• Will offer higher insurance cover to banks lending working capital for exports in a move which will cost Rs 1700 crores per annum to the government.
• Inflation is under control and there is a clear sign of revival of industrial production
• There will be total removal of human interface in tax assessment
• Relaxation of ECB guidelines for affordable housing
• External Commercial Borrowing guidelines to be relaxed encouraging government servants to buy houses

Nirmala Sitharaman will meet chiefs of public sector banks on 19th September September 19 to review progress made by them to help boost growth.

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