Latest Economic Updates-Finance Minister Announcement regarding Mega Relief Package.
Relief package Economic Update-15 Big Announcement of Finance Minister.
⇛For the year 2019-2020, the last date for filing of tax returns has been extended from 31 July to 30 November. In the Economy news update the, Tax audit date has also shifted from 30th September to 31st October.
⇛The decision to cut the TDS by 25% came into effect from May 14. This will reduce the burden taxpayer by 50 thousand crores. Will remain in force till 31 March 2021
⇛Real Estate developer has got big relief - The ongoing projects will go through the resettlement and completion timeline of the project will be extended on its own for 6 months.
⇛An automatic loan of 3 lacks crore rupees to small industries. This will be a collateral-free automatic loan, Small industry will not have to give guarantees in exchange for the loan and will get 1-year relief to repay the principal amount.
⇛20 thousand crores for small industries running in crisis.
small industries promoters will get a loan from the bank. In its scope, it will come out to those who have been non-performing assets or are in crisis.
⇛Fund of Rs.50 thousand crores for the small industry - This fund is for those small industries that are short of money but have the potential to progress.
⇛The definition of the MSME has changed - The definition of small scale industries in the manufacturing and service sectors has now been merged. Now more industries will come under the purview of the MSME.
⇛Opportunity to the country's small industry in government tender to Rs 200 crore. Now small industries of the country will also be able to attract tenders which was capture by foreign companies earlier.
⇛The government and government enterprises will pay all outstanding dues in the next 45 days of small industries.
⇛Support of 2500 crores in EPF. In June, July, and August, the government will also help in the EPF contribution of salary. This will be 2500 crores.
⇛EPF will now have a 10% contribution in place of 12%, Employer and Employee's contribution will be 10% instead of 12% for the next three months.
⇛Guarantee scheme for lending companies. If there is a loss on the loan, the government will bear 20% of it from the loss.
⇛Help for power distribution companies. This will be worth 90 thousand crores as their revenue has decreased significantly.
⇛Liquidity scheme for lending companies.
A special liquidity scheme of Rs. 30 thousand crores will be started.
Read all the relief packages announcements.
https://businessdip.blogspot.com/2020/05/relief-package-part-5th-by-government.html
https://businessdip.blogspot.com/2020/05/economic-news-of-4th-relief-package-by.html
https://businessdip.blogspot.com/2020/05/third-phase-of-relief-package-economic.html
https://businessdip.blogspot.com/2020/05/latest-economic-updates-second-phase-of.html
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