FM Nirmala Sitharaman gives details of Atmanirbhar Bharat Abhiyan package.
Finance Minister Nirmala Sitharaman addressing press conference outlined the first tranche of the contours of India’s massive Rs 20 lakh crore fiscal stimulus announced by Prime Minister Narendra Modi. This Rs 20 lakh crore package includes the previous Rs 1.7 lakh crore stimulus announced by the Finance Minister and steps taken by the RBI
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Finance Minister Nirmala Sitharaman announcement highlights
IT return filing last date 2020: FM Nirmala Sitharaman extends due date to November 30
Finance Minister Nirmala Sitharaman announced that the due date of all income-tax return for FY 2019-20 would be extended to November 30, 2020 from July 31, 2020 and October 31, 2020
Date of assessment getting barred as on September 30, 2020 is now being extended to December 31, 2020. And, those getting barred as on March 2021 is being extended to September 30, 2021: FM
From May 14 to March 31, 2021 TDS and TCS rate has been reduced by 25% of the existing rate and is applicable to all payments. It will release Rs 50,000 crore in the hands of the people instead of paying them as taxes: FM
All Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts: FM
FM Sitharaman: The need for change of definition of MSMEs was only to save them from stop receiving benefits under MSME scheme once they cross the Rs 200 crore revenue mark.
New Definition of MSMEs: it has been revised to allow MSMEs to aim for expansion and not lose benefits. Also, there’ll be no distinction between manufacturing & services sector MSMEs
Vishwas scheme extended upto December 31, 2020. No extra payment sought.
Date of Real Estate Projects under RERA has been extended
Urban development ministry will issue advisory to states/ UTs so that Covid-19 period event be treated as a force majeure. Extension of registration and completion date certificates may be extended by six months (expiry as of March 25, 2020).
NBFCs/HFCs/MFIs Package: Rs 30,000 crore special liquidity scheme for investing in investment grade debt paper of NBFCs, HFCs and MFIs. These NBFCs are those that are also funding MSMEs. These will be fully guaranteed by government of India.
Rs 45,000 crore partial credit guarantee scheme 2.0 for NBFCs. The first 20% loss will be borne by the guarantor that is the government of India.
In order to provide more take home salary for employees and to give relief to employers in payment of PF, EPF contribution is being reduced for businesses & workers for 3 months, amounting to liquidity support of Rs 6750 crores.
Discoms Package: a one-time emergency liquidity injection of Rs 90,000 crore against all their receivables. The states will guarantee it.
Rs 18,000 crore refunds given to taxpayers; 14 lakh taxpayers benefitted from the clearing of refund dues, says finance minister