Important points of the Press conference of Honorable Finance Minister

By | May 20, 2020

The Important points of the Press conference of Honorable Finance Minister

👉 Six crucial steps for Micro, Small and Medium Enterprises (MSME).

  1. Collateral Free Automatic Loan to Micro, Small and Medium Enterprises (MSME). Not required guarantee for 4 years period and no principal repayment for 1 year.
  2. Stressed Micro, Small and Medium Enterprises (MSME): Subordinate Debt 200,000,000,000 (twenty thousand crores).
  3. Micro, Small and Medium Enterprises (MSME) doing viable business of 500,000,000,000 (Fifty Thousand Crores). Equity infusion for expansion.
  4. Definition of Micro, Small and Medium Enterprises (MSME) changed:
    a. Micro: Limit revised upward Investment upto 10,000,000 (one crore). or Turnover upto 50,000,000 (five crores).
    b. Small: Limit revised upward Investment upto 100,000,000 (ten crores) or Turnover upto 500,000,000 (fifty crores).
    c. Medium: Limit revised upward Investment upto 200,000,000 (twenty Crores). or Turnover upto 1,000,000,000 (One Hundred Crores).
    d. No difference in manufacturing and service sector for Micro Enterprises
  5. Government Tenders: Global tenders will be disallowed upto 2,000,000,000 (Two Hundred Crores).
  6. E-market linkage for Micro, Small and Medium Enterprises (MSME). Within next 45 days all payments will be made to Micro, Small and Medium Enterprises (MSME).
    👉 EPF (Employees’ Provident Funds): For June, July and August will be paid by Government (72,22,000 employees will be benefitted). Total benefit of Rs. 25,000,000,000 (Two Thousand Five Hundred Crores).
    👉 Employees’ Provident Funds (EPF) : Statutory PF deposit limit reduced from 12% to 10% for next 3 months. {67,500,000,000 (Six thousand seven hundred fifty crores.) (except CG and PSU’s)}(1)
    👉NBFC (Non Banking Financial Company), HFC (Housing Finance Companies) & MFI (Micro Finance Institutions) ₹ 300,000,000,000 (thirty thousand crores). Special liquidity scheme.
    👉Partial credit guarantee scheme for NBFC: ₹450,000 (forty-five thousand crores) scheme. Govt. of India will be guarantor. 20% will be borne by GOI.
    👉 Discom: Liquidity crisis. ₹900,000,000,000 (ninety Thousand crores). infused for improving Liquidity crises. This amount will be paid by PFC and REC.
    👉 Contractors: Extension upto 6 months to comply with contract conditions.
    👉 Real Estate: Covid 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

Above show all Important points of the Press conference of Honorable Finance Minister

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