- By Aalok Sensharma
- Sat, 14 Sep 2019 04:16 PM (IST)
- Source:JND
New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman on Saturday addressed a press conference and announced a slew of measures to boost the economy of the country.
From measures to boost the export industry to housing projects to simplification of the Goods and Services Tax (GST) regime, she made a series of announcements.
In one of the biggest announcement, Sitharaman said that the Centre will contribute Rs 10,000 crore to complete construction of unfinished projects in affordable and middle income category housing.
For housing sector, Sitharaman said, “a special window to provide last mile funding for housing projects which are non-NPA (non-performing asset) and non-NCLT (National Company Law Tribunal) projects and are net worth positive in affordable and middle income category to be set up.”
“Also, external commercial borrowing (ECB) guidelines will be facilitate financing of home buyer who are eligible under the PMAY, in contribution with RBI,” she further stated.
The Finance Minister also announced new measures to boost exports, which include replacement of Merchandise Exports from India Scheme (MEIS) with Scheme for Remission of Duties or Taxes on Export Product (RoDTEP).
“Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) will replace MEIS. Existing dispensation in textiles of MEIS and old RoSL (Rebate on State Levies) will continue up to December 31 this year,” she said.
Sitharaman said that textiles and all other sectors, which currently enjoy incentives up to 2 per cent over MEIS will transit into RoDTEP from January 1, 2020.
“In effect, RoDTEP will more than adequately incentivise exporters than existing schemes put together,” she said.
The minister said there will be fully automated electronic refund route for input tax credits (ITC) in GST.
“Fully electronic refund module for a quick and automated refund of ITC is nearing completion and will be implemented by end of September 2019. This is expected to monitor and speed up ITC refunds,” she said.