On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh crore yesterday to give a boost to the economy amid the Corona crisis. Finance Minister Nirmala Sitharaman is giving detailed information about this package.
The deadline for income tax return filing has been increased. It has been made on 30 September. Likewise, the deadline for the trust scheme has been extended to 31 December 2020. Previously it was for 30th June.
Taxpayers have got 25 percent relief in TDS deduction till 31 March 2021. Explain that the government collects tax through TDS. TDS is deducted at various sources of income. This includes salary, interest, or commission received on any investment, etc.
In the case of real estate advisory will be issued that all projects be extended for 6 months from March onwards.
Emergency liquidity will be given 90,000 crore rupees to help discoms or electricity distribution companies.
30,000 crore special liquidity scheme is being brought for non-banking finance companies, microfinance companies. There will be no cash crisis.
NBFC will expand the already running scheme of 45,000 crores. At the same time, the loan guarantee scheme will be expanded, NBFCs rated double-A or below will also get loans.
Big relief on EPF
Finance Minister Nirmala Sitharaman said that the government will now deposit 12 percent + 12 percent amount on behalf of the company and employees in EPFO by August. This will benefit more than 75 lakh employees and institutions. Please tell that in March, April and May too, the government had also contributed. This means that this facility has been extended for three months.
But there are some conditions with it. This announcement of the government will only benefit companies that have less than 100 employees and 90% of the employees’ salary is less than Rs 15,000. That is, those who get more than 15 thousand salaries will not get the benefit.
10 percent of EPF will be cut instead of 12 percent of the employees. However, only 12 percent of EPF will be cut in PSUs.
Definition of MSME sector changed
Finance Minister Nirmala Sitharaman said that the definition of MSME i.e. micro, small, and medium industry has been changed. The investment limit has been changed in this. Micro-industry will be given 1 crore investment or 10 crore turnover.
Similarly, the status of small scale industry will be given on 10 crore investment or 50 crore turnover. At the same time, there will be the status of medium industry on 20 crore investment or 100 crore turnover. Nirmala Sitharaman said that the trade fair is not possible in the current era.
Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced: Finance Minister Nirmala Sitharaman pic.twitter.com/BHYcGWD9H2— ANI (@ANI) May 13, 2020
Tender up to 200 crores will not be global. This is a big step for MSMEs. Apart from this, MSMEs will be linked to the e-market. The government will do the rest of the payments of MSMEs within 45 days.
According to the Finance Minister, out of the package of Rs 20 lakh crore, 3 lakh crore will go to MSME i.e. micro, small and medium industries. They will get a loan without a guarantee. Its time limit will be 4 years. They will get a discount of 12 months. This offer is till 31 October 2020.
According to Finance Minister, the MSMEs who are under stress will be provided with cash of 20000 crores through subordinate debt. Explain that SMEs come in small and medium businesses.
According to the Finance Minister, MSMEs who are capable but are troubled due to Corona, will be given help through the Rs 10,000 crore Fund of Funds for business expansion.
According to the Finance Minister, reforms related to banks to the public sector, recapitalization of banks were done.
According to the Finance Minister, DBT has been transferred to the account of 41 crores Jan Dhan account holders.
Finance Minister said that apart from PM Modi, several departments and related ministries were involved in the discussion regarding the package of Rs 20 lakh crore.
Significantly, Prime Minister Narendra Modi has announced a strong booster dose of Rs 20 lakh crore to support the economy in the backdrop of Corona crisis. In his address to the nation on Tuesday, PM Modi said that this package will support the economy of the country and India will be able to lead the world. PM has announced bold reforms in many sectors. The Prime Minister announced reforms in all sectors from agriculture to infrastructure, tax.
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