Point box

Six major steps for revival of MSMEs

– Collateral-free loan of Rs3 lakh crore. This will benefit 45 lakh units so that they can resume work and save jobs

– To support stressed MSMEs, govt will facilitate provision of Rs20,000 crore as subordinate debt

– Rs50,000 crore equity infusion for MSMEs that are viable but need handholding

– Definition of MSMEs has been revised to allow them expand and not lose benefits

– Global tenders will be disallowed up to Rs200 crore for government procurement

– Will ensure e-market linkages are provided across the board in the absence of non-participation in trade fairs due to Covid. Government of India and PSUs will clear all the receivables in next 45 days

For employees/organisations

– Due date for filing all IT returns extended from July 31 to November 30

– EPF contribution of Rs2,500 crore that will benefit over 72 lakh employees has been extended till August

– Salary EPF contribution for all organisations and their employees covered by EPFO has been cut to 10% from 12 earlier. However, for government PSUs, it will remain 12% but PSU employees can pay 10%

For NBFCs/HFCs/MFIs

– Rs30,000 crore special liquidity scheme for investing in NBFCs/HFCs and MFIs

Relief for discoms

– One-time liquidity infusion of Rs90,000 crore has been made for all power distribution companies

Other details

– An extension of up to six months (without costs to contractor) to be provided by all Central government agencies like Railways, Ministry of Road Transport & Highways, CPWD

– A reduction of 25% of existing rates of TDS/TCS from May 14 till March 31, 2021. This will release Rs50,000 crore

– Vivaad se Vishwas scheme extended till December 31, 2020