Six major steps for MSME (Micro, Small, Medium Enterprises):
- Collateral Free Automatic Loan to MSME. No guarantee required. Period 4 Years. No principal repayment for 1 year.
- Stressed MSME: Subordinate Debt 20,000 crore
- MSME doing viable business: 50,000 cr. equity infusion for expansion
- Definition of MSME changed:
- Micro: Limit revised upward Investment upto 1 cr. or Turnover upto 5 cr.
- Small: Limit revised upward Investment upto 10 cr. or Turnover upto 50 cr.
- Medium: Limit revised upward Investment upto 20 cr. or Turnover upto 100 cr.
- No difference in manufacturing and service sector for Micro Enterprises
- Government Tenders: Global tenders will be disallowed upto 200 cr.
- E market linkage for MSME. Within next 45 days all payments will be made to MSME.
Employee Provident Fund:
- For June, July and August will be paid by Government (72,22,000 employees will be benefitted). Total Rs. 2500 crore benefit.
- Statutory PF deposit limit reduced from 12% to 10% for next 3 months. (6,750 cr.) (except CG and PSU’s)
NBFC, HFC & MFI:
- Rs. 30,000 cr. Special liquidity scheme
- Partial credit guarantee scheme for NBFC: Rs. 45,000 cr scheme. Govt. of India will be guarantor. 20% will be borne by GOI.
- Liquidity crisis. Rs. 90,000 cr. infused for improving Liquidity crises. This amount will be paid by PFC and REC.
- Extension upto 6 months to comply with contract conditions.
- Coviid 19, an event of ‘Force Majeure’. Registration and Completion extended for 6 months for all projects expiring o or after 25.03.2020
- 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