Important points of the Press conference of Honorable FM:
Six major steps for MSME
- Collateral Free Automatic Loan to MSME. No guarantee required. Period 4 Years. No principal repayment for 1 year.
- Stressed MSME: Subordinated Debt 20,000 crore
- MSME doing viable business: 50,000 cr. equity infusion for expansion
- Definition of MSME changed:
- Micro: Limit revised upward Investment up to 1 cr. or Turnover up to 5 cr.
- Small: Limit revised upward Investment up to 10 cr. or Turnover up to 50 cr.
- Medium: Limit revised upward Investment up to 20 cr. or Turnover up to 100 cr.
- No difference in the manufacturing and service sector for Micro Enterprises
- Government Tenders: Global tenders will be disallowed up to 200 cr.
- E-market linkage for MSME. Within the next 45 days, all payments will be made to MSME.
EPF: For June, July and August will be paid by the Government (72,22,000 employees will be benefitted). Total of Rs. 2500 benefit cr.
EPF: Statutory PF deposit limit reduced from 12% to 10% for the 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 a 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 up to 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 for – VSVS 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