- Vibrant Demography
During the press conference today, Finance Minister Nirmala Sitharaman announced that the definition of MSMEs has been revised. Investment boundary has been revised upwards as well as additional criteria of turnover has been introduced. Further, the distinction betwixt manufacturing as well as service sector has been eliminated.
The investment boundary of ₹25 lakh for micro units has been increased to ₹1 crore. To supply to a greater extent than funds at the disposal of taxpayers, the Government has too reduced TDS rates for non-salaried payments as well as TCS rates past times 25% till March 31, 2021. Due engagement of all income revenue enhancement returns for the Financial Year 2019-20 volition move extended from July 31, 2020 as well as Oct 31, 2020 to Nov 30, 2020. Furthermore, revenue enhancement audit getting barred on September 30, 2020 has been extended to Oct 31, 2020. Date of those assessments getting barred on March 31, 2021 volition move extended to September 30, 2021.
Sitharaman announced a Special Liquidity Scheme worth ₹30,000 crore for NBFCs, HFCs and MFIs as they induce got been struggling to heighten working capital missive of the alphabet alongside COVID-19. Here are around important measures taken past times authorities for relief as well as credit back upward related to businesses, peculiarly MSMEs to back upward Indian Economy’s struggle against COVID-19.
- Due Dates for diverse revenue enhancement relatedcompliances extended
- EPF Contribution to move reduced for Employers as well as Employees for three months to 10% from 12% for all establishments covered past times EPFO for adjacent three months
- Extending the Employees Provident Fund Support for draw of piece of occupation concern as well as organised workers for around other three months for salary months of June, July as well as August 2020
- New definition of MSME as well as other Measures for MSME
- No Global tenders for Government tenders of uptoRs 200 crore
- Reduction inward Rates of ‘Tax Deduction at Source’ as well as ‘Tax Collected at Source” past times 25% for the remaining menses of FY 20-21
- Relief to Contractors given past times extension of upward to half dozen months for completion of contractual obligations, including inward honor of EPC as well as concession agreements
- Relief to Real Estate Projects the registration as well as completion engagement for all registered projects volition move extended upward to half dozen months.
- Rs 20,000 crore Subordinate Debt for Stressed MSMEs
- Rs three lakh crore Emergency Working Capital Facility for Businesses, including MSMEs
- Rs 50,000 crore equity infusion through MSME Fund of Funds
- Rs 90,000 crore Liquidity Injection for DISCOMs
- Rs. 30,000 crore Special Liquidity Scheme for NBFC/HFC/MFIs
- Rs. 45,000 crore Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs
- Tax relief to draw of piece of occupation concern every bit pending income revenue enhancement refunds to charitable trusts as well as non-corporate businesses as well as professions to move issued immediately