FM announce measures for relief and credit support related to businesses, especially MSMEs.
Dear all,
Your association SIMA is forwarding herewith measures announced by Hon'ble Finance Minister, Smt. Nirmala Sitharaman for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19.
The Following measures are announced by FM are mentioned below:
- Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs.
- Rs 20,000 crore Subordinate Debt for Stressed MSMEs.
- Rs 50,000 crore equity infusion through MSME Fund of Funds.
- New Definition of MSME and other Measures for MSME.
- No Global tenders for Government tenders of up to Rs 200 crore.
- Extending the Employees Provident Fund Support for business and organised workers for another 3 months for salary months of June, July and August 2020.
- EPF Contribution to be reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for the next 3 months.
- 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.
- Rs 90,000 crore Liquidity Injection for DISCOMs.
- Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements.
- Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months.
- Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately.
- Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21.
- Due Dates for various tax-related compliances extended.
For more details, please go through the attachment.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
