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Finance Minister Announces Details of Stimulus Package

Finance Minister Stimulus Package

On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh crore to give a boost to the economy amid Corona crisis. Finance Minister Nirmala Sitharaman gave detailed information about this package.

  • Deadline for income tax return filing has been increased. It has been made 30 September. Likewise, the deadline of the trust scheme has been extended to 31 December 2020. Previously it was for 30th June.
  • Taxpayers have got 25 percent relief in TDS deduction till 31 March 2021. Explain that the government collects tax through TDS. TDS is deducted at various sources of income. This includes salary, interest or commission received on any investment, etc.
  • In the case of real estate, advisory will be issued that all projects be extended for 6 months from March onwards.
  • Emergency liquidity will be given 90,000 crore rupees to help discoms or electricity distribution companies.
  • 30,000 crore special liquidity scheme is being introduced for non-banking finance company, micro finance companies. There will be no cash crisis.

Big relief on EPF

Finance Minister Nirmala Sitharaman said that the government will now deposit 12 percent + 12 percent amount on behalf of the company and employees in EPFO ​​by August. This will benefit more than 75 lakh employees and institutions. Let us know that the government had also contributed in March, April and May. It means that this facility has been extended for three months.

This announcement of the government will only benefit companies which have less than 100 employees and 90% of the employees’ salary is less than Rs 15,000. That is, those who get more than 15 thousand salary will not get the benefit.

10 percent EPF will be cut instead of 12 percent of the employees. However, only 12 percent EPF will be cut in PSUs.

Definition of MSME sector changedFinance Minister Nirmala Sitharaman said that the definition of MSME i.e. micro, small and medium industry has been changed. The investment limit has been changed in this. Micro-industry will be given 1 crore investment or 10 crore turnover.

Similarly, the status of small scale industry will be given on 10 crore investment or 50 crore turnover. At the same time, there will be the status of medium industry on 20 crore investment or 100 crore turnover. Nirmala Sitharaman said that trade fair is not possible in the current era.

Tender up to 200 crores will not be global. This is a big step for MSMEs. Apart from this, MSMEs will be linked to e-market. The government will do the rest of the payments of MSMEs within 45 days.

According to the Finance Minister, out of the package of Rs 20 lakh crore, 3 lakh crore will go to MSME i.e. micro, small and medium industries. They will get a loan without guarantee. Its time limit will be 4 years. They will get a discount of 12 months. This offer is till 31 October 2020.

Prime Minister Narendra Modi has announced a strong booster dose of Rs 20 lakh crore to support the economy in the backdrop of Corona crisis. In his address to the nation on Tuesday, PM Modi said that this package will support the economy of the country and India will be able to lead the world. PM has announced bold reforms in many sectors. The Prime Minister announced reforms in all sectors from agriculture to infrastructure, tax.

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