COVID FIGHT: Nirmala Sitharaman gives print to Modi’s 20lakh crore package

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Finance Minister Nirmala Sitharaman addressing the press conference on May 13, outlined the first tranche of the contours of India’s massive Rs 20 lakh crore fiscal stimulus announced by Prime Minister Narendra Modi.

This package is aimed at all sections of the society such as middle class, farmers, SMEs, laborers, and industries and it is themed under ‘self-reliant India’. On Wednesday, the Finance minister announced a facility of Rs 3 lakh crores collateral-free automatic loans for business, including micro, small and medium enterprises (MSMEs), among other decisions.

Most importantly Sitharaman explained that Banks are not shying away from giving loans but the people themselves say that they will avail loans after the completion of the lockdown period and hence the sanctioned loans are not being distributed.

Key Points:

  • Vivad se Vishwas scheme deadline extended till 30 December 2020: FM
  • The tax audit deadline has also been extended from 30th September 2020 to 31st October.
  • Sitharaman said that Due date for filing income tax returns (ITR) extended from July 31 to November 30
  • All pending payments shall be issued immediately
  • The TDS deduction will infuse liquidity of ₹50,000 crores as well as the TDS rate cuts will apply for all purposes. It comes into force from tomorrow and untill 31 march 21, TDS, TCS rates by 25%.
  • Payment for the contracts, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
  • 90,000 crores liquidity injection is announced for Power Distribution Companies (DISCOM)
  • The statutory PF contribution is being reduced from 12% to 10% for 3 months
  • Under Pradhan Mantri Garib Kalyan Package, payment of 12% of employer and 12% employee contributions was made into EPF accounts of eligible establishments and this would be provided earlier for salary months of March, April and May 2020
  • This announcement is a definite sigh of relief to the contractors as the Extension of up to 6 months (without costs to the contractor) is provided by all central agencies (like Railways, Ministry of Road Transport and Highways, Central Public Works dept, etc)

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Place Confirmed Cases Active Cases Recoverd Cases Deaths India  1,31,009 72,962 54,179 3,860 World Wide 53,61,214 28,31,955 21,87,423 3,41,836   India - State wise Report OK State Confirmed Cases Deaths Andhra Pradesh 2714 56 Telangana 1813 49 Tamil Nadu 15512 104 Maharashtra 47190 1577 Gujarat 13669 829 Delhi 12910 231 Rajasthan 6657 156 Madhya Pradesh 6371 281 UP 5735 152 West Bengal 3459 269 Bihar 2394 11 Punjab 2045 39 Karnataka 1959 42 Jammu & Kashmir 1569 21 Odisha 1269 7 Haryana 1131 16 Kerala 795 5 Jharkhand 330 3 Assam 330 4 Uttarakhand 244 1 Chandigarh 225 3 Himachal Pradesh 185 4 Tripura 175 0 Chhattisgarh 172 0 Goa 55 0 Ladakh 49 0 Andaman & Nicobar Islands 33 0 Manipur 27 0 Puducherry 26 0 Meghalaya 14 1 Mizoram 1 0 Arunachal Pradesh 1 0 Dadar and Nagar...

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