Summary points of the Press conference of Honorable FM
Six major steps for MSME
1. Collateral Free Automatic Loan to MSME. No guarantee required. Period 4 Years. No principal repayment for 1 year.
2. Stressed MSME: Subordinate Debt 20,000 crore
3. MSME doing viable business: 50,000 cr. equity infusion for expansion
4. Definition of MSME changed:
a. Micro: Limit revised upward Investment upto 1 cr. or Turnover upto 5 cr.
b. Small: Limit revised upward Investment upto 10 cr. or Turnover upto 50 cr.
c. Medium: Limit revised upward Investment upto 20 cr. or Turnover upto 100 cr.
d. No difference in manufacturing and service sector for Micro Enterprises
5. Government Tenders: Global tenders will be disallowed upto 200 cr.
6. E market linkage for MSME. Within next 45 days all payments will be made to MSME.
EPF: For June, July and August will be paid by Government (72,22,000 employees will be benefitted). Total Rs. 2500 benefit cr.
EPF: Statutory PF deposit limit reduced from 12% to 10% for next 3 months. (6,750 cr.) (except CG and PSU’s)
NBFC, HFC & MFI: Rs. 30,000 cr. Special liquidity scheme
Partial credit guarantee scheme for NBFC: Rs. 45,000 cr scheme. Govt. of India will be guarantor. 20% will be borne by GOI.
Discom: Liquidity crisis. Rs. 90,000 cr. infused for improving Liquidity crises. This amount will be paid by PFC and REC.
Contractors: Extension upto 6 months to comply with contract conditions.
Real Estate: Coviid 19, an event of 'Force Majeure'. Registration and Completion extended for 6 months for all projects expiring o or after 25.03.2020
# TDS rates reduced by 25% of existing rates from tomorrow to 31.03.2021(Non salaried to residents and TCS) Payment
# VSVS (Vivad se Vishwas Scheme) extending upto 31.12.2020. pay without any additional amount.
# Pending refunds of charitable trusts, non corporate business, proprietorship, partnership, LLP and society will be issued immediately.
# Due dates of IT return for FY 2019-20
Earlier 31.07.2020 & 31.10.2020 Now 30.11.2020
Tax Audit due date: Earlier 30.09.2020 Now 31.10.2020
# Date of assessment extended
From those barring on 30.09.2020 to 31.12.2020
From those barring on 31.12.2021 to 30.09.2021
Download Details of the Announcement