₹3L Cr Collateral-Free Loans Boost For 45 Lakh MSMEs

FM Says definition of msmes revised; due date for all I-t returns extended to Nov 30

Takeaways

TDS, TCS rate for non-salaried payments for period up to March 31, 2021 cut by 25%.

EPF contribution being reduced for businesses and workers for 3 months, amounting to liquidity support of Rs 6,750 crore.

Rs 50,000 crore equity infusion for MSMEs through Fund of Funds to expand size as well as capacity.

Global tenders to be disallowed in govt procurement up to Rs 200 crore.

All Central govt agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts.

Finance Minister announced Rs 90,000 crore liquidity injection for the power distribution companies (Discoms).

NEW DELHI: Union Finance minister Nirmala Sitharaman on Wednesday announced a slew of measures to help businesses, including Micro, Small and Medium Enterprises (MSMEs), recover from the economic impact of the Coronavirus pandemic. This was a part of the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi a day before to spur growth and help build a self-reliant India.