FM announces Rs 3 lakh crore collateral free automatic loans for MSME, ITR filing deadline extended

Today Finance Minister Nirmala Sitharaman announced lots of good measuresto revive MSME like offered collateral free automatic loan for MSMEs of up to Rs 3 lakh crore for 4 year tenure to help them resume business and safeguard jobs.Economic stimulus: ₹45,000 cr liquidity for NBFCs; ₹90,000 cr for discoms. Change defination of MSMEs etc.

Some Important points from FM Nirmala Sitharama

Finance Minister Nirmala Sitharaman on Wednesday announced collateral free automatic loans for businesses, including MSMEs, up to ₹3 lakh crore.

She also said ₹45,000 crore liquidity will be infused into NBFCs through partial credit guarantee scheme. FM Sitharaman announced ₹30,000 crore liquidity facility for NBFCs, housing finance companies and MFIs. Under this special liquidity scheme.

Electricity distribution companies are facing serious crisis, hence emergency liquidity infusion of ₹90,000 crore in discoms, FM announced.

Under the new definition, businesses with investment up to Rs 10 crore, and turnover up to Rs 50 crore to be classified as small business. Similarly, businesses with investment up to Rs 20 crore, and turnover up to Rs 100 crore to be classified as medium business.

Dis-allowance of global tenders for government procurement for up to Rs 200 crore.

Tax audit deadline has been extended from 30th September, 2020 to 31st October.

-Due date for filing income tax returns (ITR) extended from July 31 to November 30: Sitharaman

-All pending payments shall be issued immediately: FM

-The TDS reduction will infuse liquidity of ₹50,000 crore: FM

-The TDS rate cuts will apply for all purposes. It comes into force from tomorrow: FM

-Till 31 march 21, TDS, TCS rates by 25%: Sitharaman

News Desk

I am handling news desk for the news ark. I am post graduate in management.

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