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Nirmala announces relief for MSMEs, EPFO, NBFCs, Discoms, Taxpayers

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TNI Bureau: To provide relief to small businesses reeling under the impact of the lockdown, Finance Minister Nirmala Sitharaman on Wednesday announced a slew of liquidity measures.

The fresh economic package focuses extensively on supporting MSMEs that have been worst hit by the lockdown. The Finance Minister also announced relief for EPFO, NBFCs, Discoms & Taxpayers.

Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced.

Key Highlights:

👉 Rs 3 lakh crore collateral free automatic loans to MSMEs.

👉 100% credit guarantee to be given by the Government.

👉 12 month moratory on loans. Loans to be given till October 31.

👉 45 lakh Firms with up to Rs 100 crore turnover to benefit.

👉 Rs 20,000 crore for 2 lakh stressed MSMEs & those with NPAs.

👉 Funds worth Rs 50,000 crore to infuse equity into MSMEs.

👉 Definition of MSMEs to be changed to benefit all. No difference will be there between Manufacturing and Service MSMEs.

👉 Limit of investment for Micro Units to be raised to Rs 1 crore. Micro Units can have Rs 5 crore turnover.

👉 Under ‘Go Local’ Mission, no global tenders for contracts up to Rs 200 crore.

👉 Govt extends EPFO support for another 3 months; 70.22 lakh employees to benefit. Rs 2,500 crore liquidity support announced for EPFO.

👉 Employers’ contribution on EPFO reduced to 10% from 12% to ensure more take home salary. Liquidity support of Rs 6,750 crore to be given.

👉 Rs 30,000 crore infused in Micro Finance Units and NBFCs.

👉 Rs 45,000 crore for cash-strapped NBFCs under credit guarantee scheme.

👉 Emergency Funds for Discoms – Rs 90,000 crore liquidity for Power Distribution Firms.

👉 Relief for Govt Contractors – 6 months extra time to complete the ongoing projects. Construction, Goods abd Services Contractors to be benefitted.

👉 Real Estate Companies given 6 months extra time to complete realty projects.

👉 TDS and TCS rates for non-salaried payments reduced by 25% till 31st March, 2021. Rs 50,000 crore benefits for the taxpayers.

👉 Tax Refunds to be expedited.

👉 Tax Filing Deadline extended till 30th November, 2020.

👉 Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December, 2020.

👉 Date of assessments getting barred on 30th September, 2020 extended to 31st December, 2020 and those getting barred on 31st March, 2021 will be extended to 30th September, 2021.

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