Budget at a glance: India Post spreads wings, insurance agents to gain, vision document for fin sector
India Post Spreads Wings: To deepen penetration of banking in northeast, FM has announced plans to have more bank branches in the region. More than 100 branches of India Post Payments Bank will be set up there.
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Vision Document for Fin Sector: The government will publish a vision document to set the agenda for the financial sector over the next 5 years, with focus on size, capacity and skills. The document will lay stress on climate finance and guide stakeholders.
Insurance Agents to Gain: The FM has introduced changes to CGST Act to help settle tax appeals amounting to '17,000 crore pending in courts. FM has said certain activities within insurance sector won't be taxed as goods or services. Agents will gain from lowering of TDS on commissions to 2% from 5%.
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