Finance Minister Nirmala Sithaman's press conference has begun to give a complete breakup of the Rs 20 lakh crore Covid-19 relief package announced by Prime Minister Narendra Modi. Announcing the special economic package, Finance Minister Nirmala Sitaman ...
Bail class loans to small businesses:
No installment payment for 18 months, loan term for 3 years: Total loan of 3 lakh crore will be given: Loan up to 25 crore can be taken, Units with turnover up to 100 crore will benefit: For micro, small and medium enterprises: Micro, small and medium enterprises.
15 packages for the sector announced by the Finance Minister
- ૬ Package for MSMEs (Small and Medium Enterprises)
- Two assistance packages for Employee Provident Fund
- Two packages for non-banking finance companies
- Two packages for mutual funds
- A package for power companies
- A package for real estate
- Three packages related to KVA
- A package for contracts has already been announced.
Changes in the definition of MSME: Location and turnover criteria changed: Same rules for both manufacturing and service sector
Micro Industry: Units with a turnover of up to one crore and a turnover of up to five crore instead of Rs.
Small Industries: Instead of five crores, units with a turnover of up to 10 crores and a turnover of up to 50 crores will now be considered as small scale industries.
Medium Industry: Units with a turnover of up to Rs 50 crore and a turnover of up to Rs 100 crore instead of 10 crore will now be considered as medium industry.
Rs. Tenders up to Rs 500 crore can be filled only by Indian companies
The global tender limit has been fixed at Rs. Only Indian companies will be able to bid for up to Rs 500 crore. The decision has been taken to make India self-sufficient.
Rs 50,000 crore fund for MSMEs facing financial crisis
For small and medium enterprises which come under the definition of MSMEs, Rs. A special fund of Rs. 30,000 crore has been set up which will benefit two lakh units of this type which have become bank loan NPAs of MSMEs. This is a special fund. The government will provide credit guarantee support, banks will lend money to the promoter and the promoter will invest money in the unit as capital.
Employees Provident Fund Assistance Scheme extended for three months
The Center has to pay 15 per cent of its employees and 12 per cent of the employer's contribution for the financially strapped units under the Gibb Welfare Package, which was announced in March-April and May-2020, before it was announced and now it has been announced. Extended to. As a result, 2.5 lakh units will be given a package of Rs. 3,500 crore for its 2.5 lakh employees.
For Non Banking Finance Company, Housing Finance Company and Mutual Fund Industries Rs. 30 thousand crore special liquidity scheme
NBFCs, HFCs and Mutual Funds, which are currently in financial difficulties, have been given Rs. 30,000 crore. This will be in addition to the current announcement by the RBI. The government will provide 100 guarantees of the debt fund.
For non-banking finance companies Rs. 45 thousand crore credit guarantee scheme
For existing NBFCs, HFCs and mutual fund industries that have low credit ratings, the government will now provide credit guarantee to the existing PCGS scheme for issuing bond / credit papers to MSMEs and individual lenders, with a loss of up to 20 per cent for the first scheme. Rs. Liquidity of Rs 45,000 crore will be available.
Big relief to government contractors
Contracts issued by the Central Government and all its agencies such as Railways, Road Construction, Public Works Department, etc. have been extended by six months to complete the work. Bank guarantee will be given to the extent that the work of the contract is completed: Contractors will be relieved of liquidity.
Power companies to Rs. 90 thousand crore package
Corona lockdown in the country has hit the revenue of power companies hard. These companies have given power generators and distribution companies Rs. 94 thousand crore is to be paid. The government has given Rs. 90 thousand crore liquidity support which will be treated as a loan. The state government will guarantee this.
A further six months for project registration and completion to the real estate sector
The real estate sector has also been given relief, with a six-month extension if the project is to be completed on or after March. New project registration also has a six-month deadline. Builders or developers do not have to apply for an extension.
The date for filing income tax return for the financial year 2019-20 has been changed from July 31 to November 30, 2020
Tax rate reduced in TDS-TCS: Rs. 50 thousand crore packa
The government has reduced the existing rates of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) by Rs. This new provision is applicable for non-salary payment (resident) and the existing rate has been reduced by Rs. The TDS deducted on contract, professional fee, interest, rent, dividend, brokerage, commission etc. will be applicable. In addition, tax collection is done at a certain level. There too, the current rate of TCS will be reduced by Rs. This provision from tomorrow, Ta. Will be applicable for the financial year 2018-21 till March 31, 2012. With this provision, Rs. LiquidTD support of Rs 50,000 crore will be provided.
Dispute se trust scheme extended till 31st December
By extending the term of the Income Tax Dispute Resolution Dispute Se Trust Scheme, now Dt. December 31, 2020 has been announced.
Income tax refunds will be paid immediately
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Charitable trusts, non-corporate businesses and professionals such as proprietary firms, partnership firms, limited liability partnerships and pending income tax refunds of corporates will be paid immediately.
