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Atmanirbhar Bharat Financial Package

Covid 19 pandemic economic measure

13 May 2020

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

Direct tax:

# 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

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