At a press conference on Wednesday, Finance Minister had announced a slew of fiscal and regulatory measures for MSMEs, real estate, NBFCs, power distribution and general businesses and workers.
(Photo by Prem Singh / AFP)
New Delhi: Finance Minister Nirmala Sitharaman, will be sharing the further details of the economic package that will shape the future of 130 crore Indians amid the Corona crisis, in the second phase of her briefing today. At a press conference on Wednesday, Finance Minister had announced a slew of fiscal and regulatory measures for MSMEs, real estate, NBFCs, power distribution and general businesses and workers. She attempted to decrease the regulatory burden on companies, while increasing the take-home pay of employees via these measures.
Today, all eyes will be on Sitharaman who will brief about the disbursement of the second part of the Rs 20 lakh crore financial package that was announced by PM Modi.
The government had announced 15 measures to push the economy towards the betterment of the poor. Of the 15, 6 deal with MSMEs, 2 relating to EPF, 2 relating to NBFCs, housing finance corporations and MFIs, 1 on discoms, 1 on contractors, 1 on real estate, and 3 on tax measures. As per the announcement, a reduced TDS rate will be applicable to the payment for contract, professional fees, interest, rent, dividend, commission and brokerage. It will be applicable for the remaining part of FY21 — from May 14 to March 31, 2021.
Speaking to the media, Finance Minister pointed out the due date of all income tax returns for FY 2019-20 will be extended from July 31, 2020, October 31, 2020 to November 30, 2020 and tax audit from September 30, 2020 to October 31, 2020.
The government has also extended the date of assessments getting barred on September 30, 2020 to December 31, 2020 and those getting barred on March 31, 2021 to September 30, 2021.
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The package, which is almost 10 per cent of India’s GDP, includes Reserve Bank of India (RBI)’s assistance and a Rs 1.74 lakh crore fund announced earlier. The package emphasizes on land, labour, liquidity, laws and will also focus on the farmers and the labourers who support the nation during the times of crisis.