Aatma Nirbhar Bharat Abhiyaan package Highlights | Fusion - WeRIndia

Aatma Nirbhar Bharat Abhiyaan package Highlights

Aatma Nirbhar Bharat Abhiyaan package Highlights

A day after Prime Minister Narendra Modi announced ₹20 lakh crore package to stimulate the economy, Finance Minister Nirmala Sitharaman revealed the details.

Here are the highlights of Aatma Nirbhar Bharat Abhiyaan package:

  • FM announced collateral-free loans worth ₹3 lakhs for Micro, Small & Medium Enterprises (MSMEs) that have a turnover up to ₹100 crores till October 31, 2020.
  • To benefit around 2 lakh MSMEs that have the problem of equity, ₹20,000 crores will be provided.
  • The definition of MSMEs has been revised. As per the new definition, there is no differentiation between a service sector company and manufacturing company.
  • Any company that will have an investment up to ₹1 crore and turnover of ₹5 crores will be a micro company from an investment of ₹10 lakhs for a service sector company and ₹25 lakhs for a manufacturing company.
  • A company with an investment of up to ₹20 crores and turnover of ₹100 crores has been defined as a medium company from an investment of ₹10 crores and a turnover of ₹50 crores.
  • Central government and PSUs will complete all the pending payments to MSMEs within 45 days.
  • The central government will pay EPF contributions for 3 more months to benefit over 72 lakh employees.
  • TDS and TCS rates have been slashed by 25 per cent with effect from today till the end of this financial year, i.e. March 31, 2021.
  • All pending refunds to non-profit trusts and non-corporate business entities and professions will be issued immediately.
  • Due date of all income tax returns has been extended from July 31 and October 31 to November 30, 2020.
  • Stressed NBFCs/HFCs/MFIs are announced a special liquidity scheme worth ₹30,000 crores.
  • Partial credit guarantee scheme has been announced for NBFCs ₹45,000. The government will bear the first 20 per cent loss under this scheme.
  • Power Distribution Companies are announced an emergency liquidity support worth ₹90,000.
  • Contractors are given an extension of 6 months. Real estate projects registered under RERA have also given an extension of registration and completion date.
    Image credit: Rajeshodayanchal at Malayalam Wikipedia / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)

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