Hon’ble Minister of Finance and Corporate Affairs Shared the Fine Print of special relief and credit support to Economy Dt 13.05.2020

Key Highlights of Special packages:

Ø  Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs

Ø  Rs 20,000 crore Subordinate Debt for Stressed MSMEs

Ø  Rs 50,000 crore equity infusion through MSME Fund of Funds

Ø  New Definition of MSME and other Measures for MSME

Ø  No Global tenders for Government tenders of upto Rs 200 crore

Ø  Extending the Employees Provident Fund Support for business and organized workers for another 3 months for salary months of June, July and August 2020

Ø  EPF Contribution to be reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months

Ø  Rs. 30,000 crore Special Liquidity Scheme for NBFC/HFC/MFIs

Ø  Rs. 45,000 crore Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs

Ø  Rs 90,000 crore Liquidity Injection for DISCOMs

Ø  Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements

Ø  Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months.

Ø  Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately

Ø  Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21

Ø  Due Dates for various tax related compliance extended

Ref:https://twitter.com/FinMinIndia