Wednesday, 13 May 2020

Hon’ble Minister of Finance and Corporate Affairs Shared the Fine Print of special relief and credit support to Economy Dt 13.05.2020

Key Highlights of Special packages:

Ø  Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs
Ø  Rs 20,000 crore Subordinate Debt for Stressed MSMEs
Ø  Rs 50,000 crore equity infusion through MSME Fund of Funds
Ø  New Definition of MSME and other Measures for MSME
Ø  No Global tenders for Government tenders of upto Rs 200 crore
Ø  Extending the Employees Provident Fund Support for business and organized workers for another 3 months for salary months of June, July and August 2020
Ø  EPF Contribution to be reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months
Ø  Rs. 30,000 crore Special Liquidity Scheme for NBFC/HFC/MFIs
Ø  Rs. 45,000 crore Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs
Ø  Rs 90,000 crore Liquidity Injection for DISCOMs
Ø  Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements
Ø  Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months.
Ø  Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately
Ø  Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21
Ø  Due Dates for various tax related compliance extended

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