Finance bill (no. 2) 2019 as passed by rajya sabha
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Finance Minister replies to Members of the House on the Finance (No. 2) Bill, 2019
Nirmala Sitharaman said that Direct Tax amendment of the 25 percent tax rate will apply to companies with an annual revenue of Rs 250 crore, which will benefit about 99.3 percent of the 1.5 million companies will come under this.
She said that keeping in mind the state of the environment, deduction on the loan interest will encourage buyers of electrical vehicles. Different provisions have been made for startups including allowing them to carry forward their losses to the subsequent financial year, to encourage startups in the country, she added.
She further told the House that amendments with regard to taxation in the current Budget is to allow ease of business and to encourage the Make in India scheme.
Sitharaman said that facilities are being extended for low cost electronic payment systems to be set up in the country. She said that six out of the eight amendments being proposed in the Prevention of Money Laundering Act, 2002, are explanatory clauses that is an attempt to iron out ambiguities and address grey areas.
Sitharaman said that the amendment to the Reserve Bank of India is to strengthen its regulatory powers with regard to Non Banking Financial Company (NBFC). She said that the government deems it necessary that the RBI takes over the regulation of NBFCs.
She concludes by stating that ease of living is the primary driving force of the current government.