Central board of indirect tax releases a new notification for taxpayer require to file NIL Form of GSTR-3B Now taxpayer can file NIL GSTR3B through an SMS, apart from filing it through online mode, on GST Portal. This would increase the ease for the taxpayer over 22 lakh registered taxpayers. To file NIL Form GSTR-3B…
The Employees State Insurance Corporation provides a Relaxation of due date for filing and depositing ESI Contribution for the month of February, 2020 and March 2020. The employers can file the return of Contribution up to 11.06.2020 for the contribution period from October, 2019 to March, 2020.
Modi government announces a big budget package of 20 lakh crore a relief in this COVID-19 pandemic Government took six major steps in MSMEs these are as follows: Step-1 20% top-up loan, to outstanding loan (as on 29.02.2020) Collateral Free Automatic Loan for MSME. Those MSME having Loan up to 25cr and turnover up to…
Finance Minister Nirmala Sitharaman addressed a press conference and unveiled the economic package due to nationwide lockdown because of the spread of the novel coronavirus of Rs. 20 lakh crore for uplifting the economy and making the country self-reliant.
This special economic and comprehensive package of Rs 20 lakh crores is equivalent to 10% of India’s GDP based on five pillars Economy, Infrastructure, System, Vibrant Demography and Demand.
The key highlights of the package of Atmnirbhar Bharat are as follows:
1. Collateral-free automatic loan for MSMEs.
• Rs 3 lakh crore worth loans for those firms with Rs 25 crore outstanding loans or annual turnover is over Rs 100 crores.
• 4 year tenure on the loans moratorium of 10 months to be offered.
• 100% credit guarantee to banks and NBFCs on principal and interest offer valid until October 31,2020.
• No fresh collateral required.
• No extra fee to be charged.
2. For stressed MSMEs.
• Rs 20,000 crore liquidity through subordinate debt-based scheme.
• Govt to provide Rs 4,000 crore to CGTMSE for this.
3. Definition of MSMEs has been revised which is as follows :
New MSME Classification
Criteria: Investment and Annual Turnover
Manufacturing and Services
Investment < Rs. 1 crore
Turnover < Rs. 5 crore
Investment < Rs. 10 crore
Turnover < Rs. 50 crore
Investment < Rs. 20 crore
Turnover < Rs. 100 crore
4. Fund of funds.
• Infusing Rs 50,000 crore equity into MSMEs for those who are viable and eligible.
• Corpus of Rs 10,000 crore though mother-fund and daughter-fund framework to help MSMEs expand capacity and eventually get listed.
5. Government to take up PF for firms with 100 staff, earning less than Rs 15,000.
6. Global tenders to be disallowed in government procurement upto Rs 200 crores.
7. Post-Covid life
E-market linkages to be provided across the board to help make up for lack of trade fairs within the next 45 days, all receivables of MSMEs will be cleared by the GoI and CPSEs.
8. Relief to EPF
Liquidity relief to be given for all EPF established govt support towards EPF contribution extended by another 3 months – June, July, August.
Relief of Rs 2,500 crores to be provided to benefit 70.22 lakh employees.
9. To provide more take-home salaries and also increase cash-in-hand for employers
Government to take up PF for firms with 100 staff, earning less than Rs 15,000.
Statutory PF contribution reduced from 12% to 10% for state PSUs, govt will continue to pay 12%, while govt staff pays 10%.
10. For NBFCs
• Rs 30,000 crore special liquidity scheme announced Investment to be made in primary & secondary investments.
• The debt papers will be fully guaranteed by government of India.
• Government announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.
11. For cash-desperate discoms
Emergency liquidity injection of Rs 90,000 crore against receivables, guarantees for which will be given by states this is one-time liquidity infusion.
12. For contractors
• All GoI agencies, such as railways, roadways, will provide 6 month extension to contractors.
• No cost extension of upto six months for govt contractors.
13. For real estate
• Covid period should be treated as a force majeure and relax timelines.
• Registration and completion date should be extended suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications.
14. Direct Tax Updates
• All pending refunds to charitable trusts, non-corporate business, LLPs and co-operatives will be processed immediately.
• Due date of all IT Return filings extended from July 31 to November 30 for FY 2019-20.
• TDS/TCS rates reduced by 25% in Non-salary Cases.
• Vivad se Vishwas scheme extended till 31th December.
• Date of assessments getting barred as on Sep 30, 2020 extended to December 31, 2020.
• Date of assessments getting barred as on March 31, 2021 extended to September 30, 2021.
“Form CRA-4 is likely to be revised on MCA21 Company Forms Download page w.e.f 9th May, 2020. Stakeholders are advised to check the latest version before filing.”
In view of the unprecedented economic crisis emanating due to the COVID-19 situation, CBDT has deferred the implementation of new procedure for approval/registration/notification of certain entities u/s 10(23C), 12AA, 35 & 80G of IT Act,1961 to 1st October,2020.
A relief is given to Non-resident Indians who came to India on visit before 22 March, 2020, and had been unable to leave India on or before 31 March, 2020 because of lockdown this period will not consider while calculating the residential status of the NRI that means the period of stay in India from…
Filling date of Annual return electronically thorough common portal for financial year 2018-19 has been extended till 30 September 2020 E-way bill under Goods And Services Act which has been generated on or before 24th March 2020 has period of validity expires during 20 March to 15 April the validity period for such E-way bill…
RBI by its latest announcement vide dated 27 April, 2020 releases 50000crore Special Liquidity Facility for Mutual Funds with a view to easing liquidity pressure on Mutual Fund due to the COVID-19 pandemic. Under this Special Liquidity Facility for Mutual Funds RBI will conduct repo operation of 90 days tenure at fixed repo rate. Funds…