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सोमवार, 18 मई 2020

_Best clarification provided, as below_*Stimulus Package by FM announcement 13.05.2020

_Best clarification provided, as below_
*Stimulus Package by FM announcement 13.05.2020*

1. *MSME Step-1*- 20% top-up loan, to outstanding loan (as on 29.02.2020) Collateral Free Automatic Loan for MSME. Those MSME having Loan upto 25cr and turnover upto 100cr will be covered in this scheme. 100% Central Govt Guaranteed. This loan will be for 4 Yrs with a Moratorium of 12 Months.

2. *MSME Step-2*- 20,000Cr will be infused as Subordinate Debt for stressed MSME thru CGTSME Trust. 

3. *MSME Step-3*- Their is a Fund of Fund to be created. Rs 50,000cr will be infused as equity to standard MSME. Will help them to expand their capacities.

4. *MSME Step-4*- Definition of MSME changed. Investment Limit which defines a SME is changed. Now Turnover criteria is also introduced. Different between manufacturing and service SME is removed. Micro Units- Investment limit increased to 1Cr from 20Lakh. And Turnover can be upto 5Cr. Other changes are also done. For Medium Enterprise the limit increased to 10 Cr Investment and turnover 50Cr. 20Cr and 100Cr

5. *MSME Step-5*- Tenders upto 200Cr relating to Govt procurement will not be Global Tenders any more. MSME will get big benefit out of it

6. *MSME Step-6*- All Central Govt outstanding will be cleared within 45 Days by Govt Help of all MSME.

7. *EPF Step-1*- EPF Payment was paid by Govt for Mar, April and May now Extended by another 3 Months. 12%+12% will be paid by Govt of India.

8. *EPF Step-2*- Contribution reduced from 12% to 10% for those organisation having more than 100 employee is done now.

9. *NBFC, MFI, HFC-Step-1*- Special 30,000cr Liquidity window will be given. Govt will buy debt papers of these institutions even if investment grade. These will be fully guaranteed by govt of India.

10. *NBFC Step-2*- To Give 45,000cr Liquidity to NBFC. First 20% Loss will be born by Govt of India. Even unrated papers will get money under this scheme.

11. *Discom Steps*- Discom not able to pay the power generation Companies. 90,000cr Special fund created to pay all outstanding of Power Generation Companies. PFC and REC will give this money

12. *Contractors Step* 6 Month extension will be given to all Govt contractors of Railways, Roads, Other departments. Govt Agencies will partially release Bank Guarantees to the extent of work completed. A Big Step.

13. *Realestate Step*- Covid19 can be treated as act of God. Using the Force Major Clause the project registration will be extended by 6 Month automatically. Completion dates of existing projects to be extended automatically by 6 Months by Govt authorities. 

14. *Tax Related Step*- Non Salaried TDS and TCS rates will be reduced by 25% (from existing Level rates). This will be effective from tomorrow and will remain till 31-03-2021.

15. *Tax Related Step*- All Pending Refunds will be issued immediately to all to 5 Lakhs. 
For AY 2020-21 the *ITR filing* Dates extended to 30th Nov 2020, And Tax Audit Date extended to 31st October 2020.

Income Tax reliefs announced by FM on 13.05.2020

*Income Tax reliefs announced by FM on 13.05.2020*

1. All pending refunds (apart from those which are less than 5lakhs recently cleared) to all other persons (Corporates and Trusts) shall be issued immediately.
2. 25% Reduction in existing TDS rates for the whole of FY 2020-21
3.  Due date for filing tax returns for all assessee's is extended to 30th November 2020 for FY 2019-20
4. Due date for tax audit is extended to 31st October 2020 for FY 2019-20 (Existing 30th September 2020)
5. Limitation of Time barring Assessments due on 30th September extended to 31st December 2020 and which are due on 31st March 2021 extended to 30th September 2021.
6. *Vivad se vishwas* payment extended till 31st December 2020 without any additional payment.

*Other Measures impact the business*
1. Reduction in PF contribution rates from 12% to 10% for next 3 months
2.Change in Definition of MSME

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