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10 Big Takeaways From Nirmala Sitharaman’s Briefing On Economic Package

The coronavirus disaster has pushed lakhs of individuals out of labor in India.

New Delhi:
Union Finance Minister Nirmala Sitharaman on Wednesday gave some particulars of the Rs 20 lakh crore COVID-19 financial reduction plan introduced by Prime Minister Narendra Modi, stressing on a slew of measures to assist micro, small and medium enterprises (MSMEs) battered by the coronavirus disaster. She mentioned extra particulars of the reduction package deal shall be introduced within the subsequent few days.

Here are the 10 massive takeaways from the Nirmala Sitharaman’s briefing:

  1. Employee Provident Fund (EFP) contribution for personal employers lowered by 2 per cent for 3 months; will enhance take-home salaries.

  2. Collateral-free, computerized loans value Rs three lakh core for MSMEs; anticipated to assist 45 lakh companies.

  3. Definition of MSMEs modified; slabs raised to make sure extra companies get advantages.

  4. Only Indian corporations to be allowed in authorities tenders as much as Rs 200 crore.

  5. Rs 90,000 crore one-time infusion of liquidity for energy distribution corporations or DISCOMs.

  6. Extension of as much as 6 months for all central authorities contractors.

  7. COVID-19 will be handled as “force majeure” for actual property sector, releasing corporations of legal responsibility.

  8. TDS (Tax Deduction at Source) and TCS (Tax Collection at Source) price lowered to 25 per cent efficient May 14, 2020 to March 31, 2021; will enhance liquidity by 50,000 crore.

  9. Due date for Income Tax returns prolonged to Nov 30, 2020.

  10. Period of creating tax funds with out further quantities shall be prolonged to December 31,2020 below “Vivaad se Vishwaas” scheme.

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