Period for getting benefit of long term Capital Gain regime in case of unlisted companies will be reduced from 3 to 2 years.  Non-banking financial companies shall be eligible for deduction to the extent of 5% of its income in respect of provision for bad and doubtful debts.  Shri Jaitley said that determination of residency of foreign company on the basis of place of effective management (POEM) will be deferred by one year and reiterated commitment to implement General Anti Avoidance Rules (GAARs).

He further proposed exemption of Service Tax on services provided under Deen Dayal Upadhyay Gramin Kaushalya Yojana and services provided by assessing bodies empanelled by Ministry of Skill Development and Entrepreneurship.
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