FM Nirmala Sitharaman's steps will strengthen India's position as global investment destination, says US Industry

Finance Minister Nirmala Sitharaman on Friday announced a raft of measures in efforts to boost economic growth from a five-year low.

Our Comments:

Given that the global demand is expected to be weaker in the coming years, the global GDP growth rate may be revised downwards from the current 3.2% and there is fierce competition for FDI by countries around world, these are prudent and timely measures for India to stay within the radar of the foreign investors. .

Here are some of the noteworthy measures:

• Tax notices will be disposed of within three months from the date of reply by the assessee.

• Enhanced surcharge on capital gains tax of domestic and foreign portfolio investors will be withdrawn.

• Start ups registered with DPIIT will no longer be subject to Angel Tax.

• All future GST refunds will be paid within 60 days from the date of application.

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