Yesterday (12th May,2020), PM Narendra Modi announced a special Economic Package of Rs. 20lakhs crores. Starting from today and spreading over the next few days, the FM now shall appraise us with the specifics.
Addressing the conference, The Finance Minister said that the announcements about the economic package are in line with PM Modi’s vision. She also backed PM Modi and said that the Prime Minister did not mean isolated India, but a confident India.
Here are the relevant highlights:
- Rs. 3 Lakh Crs. Collateral free Automatic Loans for Businesses, including MSMEs
- Rs 20,000 Crs. Subordinate Debt for Stressed MSMEs
- Rs 50,000 cr. Equity infusion for MSMEs through Fund of Funds
- New Definition of MSMEs (check the report below)
- Global tenders to be disallowed upto Rs 200 Crs.
- Rs. 2500 Crs. EPF Support for Business & Workers for 3 more months
- EPF contribution reduced for Business & Workers for 3 months Rs 6750 Crs.
- Rs 30,000 Crs. Special Liquidity Scheme for NBFCs/HFCs/MFIs
- Rs 45,000 Crs. Partial Credit Guarantee Scheme 2.0 for NBFCs
- Rs. 90,000 Cr. Liquidity Injection for DISCOMs
- Extension of Registration and Completion Date of Real Estate Projects under RERA
- Rs. 50,000 Crs. liquidity through TDS/TCS rate reduction
- TDS for non-salaried specified payments made to residents and rates of TCS for the specified receipts shall be reduced by 25 of the existing rates.
This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from 14th May 2020 to 31st March 2021
- Due date of all income tax return for FY 2019-20 will be extended from 31st July 2020, 31st October 2020 to 30th November 2020
- Tax audit from 30th September 2020 to 31st October 2020
- Date of assessments getting barred on 30th September 2020 extended to 31st December 2020 and those getting barred on 31st March 2021 will be extended to 30th September 2021
- Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December 2020
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